Results 1-17 of 17 for prsa speaker:Michael McGrath

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Written Answers — Department of Finance: Pension Provisions (30 Apr 2024)

Michael McGrath: ...sum, is taxed. While employment pension schemes form an important part of the supplementary pension landscape, there are other pension products such as Personal Retirement Savings Accounts (PRSAs). Introduced in 2002, a PRSA is a personal retirement savings contract which any individual can take out with an authorised PRSA provider, which allows individuals to save for their retirement...

Ceisteanna Eile - Other Questions: Tax Reliefs (10 Apr 2024)

Michael McGrath: Section 22 of the Finance Act 2022 removed the difference in treatment between PRSAs and occupational pension schemes in relation to the funding rules, by abolishing the BIK charge on employer contributions to an employee's PRSA. In addition, employer contributions to an employee's PRSA are no longer counted towards an employee's age related and salary percentage limits on tax deductible...

Ceisteanna Eile - Other Questions: Tax Reliefs (10 Apr 2024)

Michael McGrath: This was a policy decision that was taken following careful examination by the interdepartmental group. The final conclusion of the report was that the differential treatment of the PRSAs for funding purposes should be abolished and employer contributions to PRSAs should not be subject to BIK. The interdepartmental report was subject to a public consultation. The responses to the...

Ceisteanna Eile - Other Questions: Tax Reliefs (10 Apr 2024)

Michael McGrath: ...aware of the proposal made by the society at the time. That was considered. A number of alternative options were explored, including an additional separate BIK limit for employer contributions to PRSAs and the new PRSA product mimicking the salary-based limits on occupational pension schemes to be used where an employer wished to make contributions to an employees PRSA. However, both...

Written Answers — Department of Finance: Tax Code (9 Apr 2024)

Michael McGrath: Section 22 of Finance Act 2022 removed the difference in treatment between PRSAs and occupational pension schemes in relation to the funding rules, by abolishing the Benefit-in-Kind (BIK) charge on employer contributions to an employee’s PRSA. In addition, employer contributions to an employee’s PRSA are no longer counted towards an employee’s age related and salary...

Written Answers — Department of Finance: Tax Exemptions (15 Feb 2024)

Michael McGrath: I propose to take Questions Nos. 183 to 188, inclusive, together. The Finance Act 2022 removed the difference in treatment of PRSAs and occupational pension schemes for funding purposes, by abolishing the BIK charge on employer contributions to an employee’s PRSA, and not counting employer contributions to an employee’s PRSA towards that employee’s age related and salary...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: This section amends section 787K of Part 30 of the Taxes Consolidation Act to remove the upper age limit on personal retirement savings accounts, PRSAs. The amendment implements a recommendation of the report of interdepartmental pensions reform and taxation group with a view to improving and simplifying the pension regime in Ireland and leading towards a whole-of-life PRSA. A PRSA is a...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: The changes that were introduced in 2013 still apply. In 2013, it was deemed that this was a form of tax planning which allowed PRSA holders to pass large funds on to their spouse, civil partner or dependants with favourable tax consequences. In order to address this where a fund has not commenced benefits and the PRSA holder reaches an upper age limit of 75, the fund is deemed to vest, at...

Finance (No. 2) Bill 2023: Second Stage (24 Oct 2023)

Michael McGrath: ...authority affordable purchase scheme is taken into account when calculating the loan-to-value requirement for the help-to-buy scheme. This will facilitate access to help to buy for a greater number of local authority affordable purchase scheme buyers. As recommended by the interdepartmental group on pension reform and taxation, section 19 makes the necessary legislative changes to allow...

Written Answers — Department of Finance: Tax Code (11 Jul 2017)

Michael McGrath: 127. To ask the Minister for Finance the options open to a person with a PRSA contract when drawing down the maximum amount of a tax-free lump sum and-or purchasing an annuity either before the PRSA contract matures or at the date of maturity; the position regarding the person's rights in this regard; and if he will make a statement on the matter. [32132/17]

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (10 Nov 2016)

Michael McGrath: ...to go over some of the remarks the Minister put on the record there by way of explanation of some of the amendments but it is true to say that there is a different treatment in relation to vested PRSAs of those over the age of 75 proposed than those that apply to an ARF. I am not sure, having listened to that exchange, what the logic is. Given that the Minister is proposing to...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Michael McGrath: .... Section 787J of Chapter 2A of the Principal Act (as inserted by the Pensions (Amendment) Act 2002) is amended by the repeal of subsection (3).”. This amendment relates to the taxation treatment of PRSAs, personal retirement savings accounts, which were introduced in 2002. There are two points at which PRSAs are severely disadvantaged when compared to normal occupational pension...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Michael McGrath: .... There is much to digest there. It is a complicated area and his reply has improved my understanding of the distinction between the taxation treatment of an occupational pension scheme and a PRSA. I will take some time to study the Minister’s reply to consider whether to introduce a Report Stage amendment.

Finance Bill 2015: Second Stage (4 Nov 2015)

Michael McGrath: ...the €150,000 annual investment limit for individuals, removing EII from the high earners' restriction permanently, providing full income tax, USC and PRSI relief in the year of investment and excluding EII shares from the charge to CAT. There are currently two points at which personal retirement savings accounts are disadvantaged when compared with occupational pension schemes....

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...

Finance Bill 2013: Second Stage (19 Feb 2013)

Michael McGrath: ...the effect of cyclicality in the economy. I believe the proposals in the Finance Bill are limited in scope and unlikely to have much take-up. Employer paid contributions, regular employee contributions, self-employed personal pensions and normal personal retirement savings account, PRSA, contributions are excluded, as are AVCs that are being made for the purposes of purchasing notional...

Written Answers — Pension Provisions: Pension Provisions (12 May 2011)

Michael McGrath: Question 42: To ask the Minister for Finance his views on a matter (details supplied) regarding the PRSA pension option. [11031/11]