Results 1-20 of 65 for prsa speaker:Michael Noonan

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

Michael Noonan: I move amendment No. 54:In page 22, to delete lines 8 to 15 and substitute the following:"(a) the PRSA administrator—(i) on or before 31 March 2017—(I) commences payment of an annuity to the PRSA contributor, (II) pays a lump sum to the PRSA contributor, in accordance with section 787G(3)(a), (III) makes assets of the PRSA available to the PRSA contributor, or (IV) transfers...

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...

Written Answers — Department of Finance: Pension Provisions (2 Dec 2015)

Michael Noonan: The transfer of an occupational pension scheme member's pension fund benefits or a Personal Retirement Savings Accounts (PRSAs) contributor's PRSA assets to an overseas pension arrangement is permitted, subject to the transfer complying with the Occupational Pension Schemes and Personal Retirement Savings Accounts (Overseas Transfer Payments) Regulations, 2003 (the Regulations) and Revenue...

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

Michael Noonan: ...benefit-in-kind. The USC also applies to a person's aggregate income before granting relief in respect of pension contributions, including contributions to a personal retirement savings account (PRSA), a personal pension plan, additional voluntary contributions or a retirement annuity contribution. For the purposes of determining the overall contribution to a PRSA, the amount contributed...

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

Michael Noonan: ...fund.”,”. Section 13, as initiated, amended certain provisions of Part 30 of, and Schedule 23B to, the Taxes Consolidation Act 1997 with the aim of closing off tax planning opportunities involving the use of personal retirement savings accounts, PRSAs. This tax planning involved the PRSA owner never taking benefits from the PRSA, which meant that various taxes were avoided...

Written Answers — Department of Finance: Pension Provisions (26 Jan 2017)

Michael Noonan: ...(TCA) 1997. I introduced these changes in order to close off certain tax-planning opportunities involving the use of Retirement Annuity Contracts (RACs) and Personal Retirement Savings Accounts (PRSAs). In providing very generous tax relief on contributions to private pension arrangements, the quid pro quois that when benefits are paid from the arrangements they are, generally, taxed at...

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...

Written Answers — Department of Finance: Pension Provisions (23 May 2013)

Michael Noonan: ...that a possible scenario in which such a situation could arise would be where, in addition to paying contributions to an occupational pension scheme, an individual is also making contributions to a PRSA (other than to an AVC PRSA associated with the occupational pension scheme). A PRSA can be effected by anyone with or without a source of relevant earnings, which, in the context of PRSAs,...

Written Answers — Department of Finance: Pension Provisions (27 Jan 2015)

Michael Noonan: A Personal Retirement Savings Account (PRSA) is an easy access private pension savings vehicle designed to allow individuals save for retirement flexibly. PRSAs may be taken out by anyone, regardless of employment status, are transferable from job to job and are available from a variety of authorized providers. However, they have particular relevance for those who are not members of...

Written Answers — Department of Finance: Tax Code (25 Jun 2015)

Michael Noonan: Tax relief on pension contributions by or behalf of employees to occupational pension schemes and by employees or individuals to pension arrangements such as Personal Retirement Savings Accounts (PRSAs) or Retirement Annuity Accounts (RACs) is limited each year by reference to the annual earnings of the employee or individual (subject to an annual earnings cap of €115,000) which...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael Noonan: ...amends AVC access provision legislated for in the Finance Bill 2013 to address concerns that the existing override arrangements contained in the legislation may not give pension scheme trustees and PRSA administrators sufficient scope to allow such withdrawals where a trust scheme’s rules or a PRSA’s contract terms prohibit them. The amendment specifically provides that 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...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)

Michael Noonan: ...into a retirement annuity contract, RAC, that person got the relief that I described previously. If, however, the person paid the equivalent amount into a personal retirement savings account, PRSA, he or she did not get the relief. It is to give the same relief to people who contribute to PRSAs as to sportspersons who contribute to RACs. That is the only change. It does not change the...

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

Michael Noonan: ...at subparagraph (b), (ba) or (c) of paragraph 2 of Schedule 23B, refuse to transfer an amount to the individual, or to any of the funds referred to in the said subparagraph (b), refuse to make assets of the PRSA referred to in the said subparagraph (ba) available to the PRSA contributor or, as the case may be, refuse to make a payment or transfer referred to in the said subparagraph...

Written Answers — Department of Finance: Pension Provisions (7 Feb 2017)

Michael Noonan: I am informed by Revenue that section 787G of the Taxes Consolidation Act 1997, permits a holder of a Personal Retirement Savings Account (PRSA) to transfer his/her PRSA to a Revenue approved occupational pension scheme. Where such a transfer occurs the assets transferred become subject to the rules of the occupational pension into which they are transferred. The receiving occupational...

Written Answers — Tax Code: Tax Code (21 Feb 2012)

Michael Noonan: I assume the Deputy is referring to the Universal Social Charge (USC) treatment of employer contributions to PRSAs and occupational pension schemes. The position is that the amount contributed by an employer to a PRSA is treated as a benefit-in-kind (BIK) in the income tax system and, therefore, is seen as the employee's own contribution and is subject to the USC in the same way as any other...

Written Answers — Department of Finance: Pension Provisions (7 Feb 2013)

Michael Noonan: ...Contributions (AVCs) used to supplement their main scheme retirement benefits to withdraw up to 30% of the value of those contributions. The provisions will not apply to contributions made to a PRSA (other than additional voluntary contributions made by a scheme member to an AVC-PRSA product). Any amounts withdrawn will be subject to tax at the individual’s marginal rate. The option...

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...

Written Answers — Department of Finance: Pension Provisions (22 Jan 2013)

Michael Noonan: The transfer of an occupational pension scheme member’s pension fund benefits or a Personal Retirement Savings Account (PRSA) contributor’s PRSA assets to an overseas pension arrangement is permitted, subject to the transfer complying with the Department of Social Protection’s “Occupational Pension Schemes and Personal Retirement Savings Accounts (Overseas Transfer...

Written Answers — Department of Finance: Pension Provisions (19 Dec 2013)

Michael Noonan: ...March 2013 during which they can opt to draw down, on a once off basis, up to 30% of the accumulated value of additional voluntary contributions (AVCs). This provision includes additional voluntary PRSA contributions made to AVC PRSAs. Administrators of AVC funds (including PRSA administrators) are required to provide, within 15 working days of the end of each quarter, commencing with the...