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Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: ...b) Where on or after 6 February 2011 and before the date of passing of this Act one or more than one relevant option is exercised by an individual, or an individual has one or more than one vested PRSA, and in the exercise of the relevant option or options or in the vesting of the PRSA or PRSAs, an amount or value of assets is transferred to an approved minimum retirement fund (by way of...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: I move amendment No. 35: In page 29, subsection (6), between lines 4 and 5, to insert the following:"(c) For the purposes of giving effect to paragraph (b)(ii)(II), where more than one vested PRSA has a ring-fenced amount the individual shall determine how much of each ring-fenced amount shall become a non ring-fenced amount.".

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: ...relation to an AVC fund, means the person or persons having the management of the scheme to which the relevant AVC contributions comprising the AVC fund have been made or, as the case may be, the PRSA administrator;".

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: I move amendment No. 23: In page 26, to delete lines 29 to 42 and substitute the following:" "(2C) A PRSA product (within the meaning of Part X of the Pensions Act 1990) approved under section 94 of that Act, shall not cease to be an approved product where, notwithstanding anything contained in the terms of the product as approved, the PRSA administrator makes an amount available from the...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: I move amendment No. 26: In page 27, to delete lines 43 to 45 and substitute the following:" "non ring-fenced amount", in relation to a vested PRSA, means the amount or value of assets in the vested PRSA that the PRSA administrator can make available to, or pay to, the PRSA contributor or to any other person;".Amendments Nos. 26 to 35, inclusive, all relate to section 16(6). As stated in...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: ...reflect feedback received by my Department since the Bill was published. Amendment No. 16 corrects the omission of a reference in section 770(3) to the new Schedule 23C and sets out the information reporting requirements of PRSA administrators in respect of AVC access provision. Amendments Nos. 18 and 23 are similar in intent and are designed, as mentioned earlier, to get the AVC access...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael McGrath: ..., although it is a first step. For example, the type of contributions that are excluded from this initiative include employer-paid contributions, regular employee contributions, self-employed personal pensions, normal PRSAs and AVCs made for the purposes of purchasing notional added years. Therefore, this provision is only a tentative first step towards allowing access to pension funds...