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Seanad: Finance Bill 2014: Committee Stage (10 Dec 2014)

Katherine Zappone: ...It is important to have that technical clarification. I think there is an anomaly here. Is the Minister of State saying that if the Government were to change this, in theory, folks who take out a PRSA - generally lower-paid and part-time workers - could potentially get more benefit or tax relief than those who have occupational pensions? Is that the theory? I wonder if that will...

Seanad: Finance Bill 2014: Committee Stage (10 Dec 2014)

Darragh O'Brien: ...Stage that will be re-entered on Report Stage. An IT glitch meant some recommendations were not included, but they will be tabled again tomorrow. I worked in this industry and was there when PRSAs were first introduced. They are portable as vehicles, but I will not go over old ground. There is more complexity to PRSAs than there should be, but they have helped, although not as much as...

Seanad: Finance Bill 2014: Committee Stage (10 Dec 2014)

Fidelma Healy Eames: ..., Deputy Joan Burton, this was fixed somewhat by increasing the eligibility age for the old age pension to 68 years. This was an improvement, but the issue is still a time bomb, as is widely accepted. PRSAs were introduced in 2002, at which stage I was an employer - I had six employees and was obliged to offer PRSAs, but it was up to employees to decide whether they should take up a PRSA....

Seanad: Finance Bill 2014: Committee Stage (10 Dec 2014)

Simon Harris: ...Zappone would, if accepted, provide an exception from USC for employer contributions to personal retirement savings accounts. It is important to note that the tax treatment of contributions to PRSAs and the contribution and benefit limits that apply differ, in some respects, from the tax treatment and limits applying to occupational pension schemes. This reflects the fact that they are,...

Seanad: Finance Bill 2014: Committee Stage (10 Dec 2014)

Feargal Quinn: ...the following:“(b) in section 531AM(1)(b) to insert the following after paragraph (viii)—“(ix) where an individual is charged to income tax under section 112 in respect of a contribution to a PRSA (within the meaning of Chapter 2A of Part 30) by virtue of section 118(5), the amount of the contribution to the PRSA,”.”.I welcome the Minister of State to the...

Seanad: Finance Bill 2014: Committee Stage (10 Dec 2014)

Katherine Zappone: ...urgently. The OECD found that only 41.3% of workers, including those in the public sector, aged between 20 and 69 years were enrolled in a funded pension plan. As the Minister of State is aware PRSAs were first introduced in 2002 and were regarded as an attractive means of increasing pension coverage particularly in certain sectors of the workforce. PRSAs are a far more straightforward...

Seanad: Finance Bill 2014: Committee Stage (10 Dec 2014)

Paul Bradford: ...all of the anomalies, difficulties and problems arising from our population shift and the balance between young and old. Anyway, we must deal with the current situation and what is before us. The PRSA system worked well when it was first introduced. It encouraged many people to take up private pensions. The figures presented to me suggest, however, that since the budget measures of 2011...