Results 1-20 of 29 for prsa speaker:Paschal Donohoe

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Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)

Paschal Donohoe: It is not anticipated that there will be any additional cost on foot of the introduction of the proposed amendments. Employers may receive tax relief on contributions to an employee’s PRSA or pan-European personal pension product, PEPP, which is currently the case. It is possible that employers will make greater contributions to PRSAs than they are currently making, particularly in...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)

Paschal Donohoe: ...;2.5 billion and €2 billion, respectively, in 2019. This include contributions to occupational pensions, additional voluntary contributions, AVC, contributions to personal retirement savings accounts, PRSA, and contributions to retirement annuity contracts, RAC. On average, 775,000 people were making pension contributions every month. I acknowledge the need for clear data in this...

Written Answers — Department of Finance: Question Heading for question(s) 273 (18 Oct 2022)

Paschal Donohoe: I am advised by Revenue that the benefits concerned in this case relate to Personal Retirement Savings Accounts (PRSA) funds. In general, where an individual dies before benefits are taken, any PRSA funds will pass to the estate of the deceased with no Income Tax liability arising. Details on the treatment to apply are provided in Revenue’s Tax and Duty Manual on PRSA’s, which...

Written Answers — Department of Finance: Tax Code (11 Oct 2022)

Paschal Donohoe: ...careful consideration through the normal policy channels. One of these actions, designed to aid in the harmonisation and simplification of supplemental pensions, is: ‘The differential treatment of the PRSA for funding purposes should be abolished, employer contributions to PRSAs should not be subject to BIK.’ As indicated in this year’s Tax Strategy Group paper...

Written Answers — Department of Finance: Pension Provisions (22 Sep 2022)

Paschal Donohoe: ...careful consideration through the normal policy channels. One of these actions, designed to aid in the harmonisation and simplification of supplemental pensions, is: ‘The differential treatment of the PRSA for funding purposes should be abolished, employer contributions to PRSAs should not be subject to BIK.’ As indicated in this year’s Tax Strategy Group paper...

Written Answers — Department of Finance: Tax Data (13 Jul 2022)

Paschal Donohoe: ..., are available at the following link, for the period 2014 to 2018: . The information requested by the Deputy is available in the table rows titled “Pension Contribution (Retirement Annuity and PRSA)”, “Employees' Contributions to Approved Superannuation Schemes” and “Employers' Contributions To Approved Superannuation Schemes”. The costs for...

Written Answers — Department of Finance: Tax Reliefs (19 Jan 2022)

Paschal Donohoe: ...345,500 Exemption of Employers’ Contributions to BIK 658.3 413,000 607.3 366,700 601.9 345,500 Pension Contributions (Retirement Annuity and PRSA) 241.3 98,300 229.3 93,600 221.3 95,900 The information above reflects the totals for each year....

Written Answers — Department of Finance: Pension Provisions (19 Jan 2022)

Paschal Donohoe: ...to make a drawdown from AVCs paid by an employer; from any AVCs which were part of a scheme member’s “normal” contributions; from any contributions to a Personal Retirement Savings Account (PRSA); or from contributions by the employer or the individual to an occupational pension scheme. While leaving employment or changing professions before retirement may have...

Written Answers — Department of Finance: Tax Data (28 Sep 2021)

Paschal Donohoe: ...Schemes’, - ‘Employers’ Contributions to Approved Superannuation Schemes’, - ‘Exemption of Employers’ Contributions to BIK’, and - ‘Pension Contributions (Retirement Annuity and PRSA)’ . For the convenience of the Deputy, the following table sets out the relevant tax costs for 2018 as figures for 2019 and 2020 are not yet...

Written Answers — Department of Finance: Tax Reliefs (22 Sep 2021)

Paschal Donohoe: ...Schemes’, - ‘Employers’ Contributions to Approved Superannuation Schemes’, - ‘Exemption of Employers’ Contributions to BIK’, and - ‘Pension Contributions (Retirement Annuity and PRSA)’ For the convenience of the Deputy, the following table sets out the relevant tax costs for the years 2016-2018 as figures for 2019 and...

Written Answers — Department of Finance: Tax Reliefs (27 Jul 2021)

Paschal Donohoe: ...years 2014-2018: Cost of tax Expenditure 2018 €m 2017 €m 2016 €m 2015 €m 2014 €m Pension Contribution (Retirement Annuity and PRSA) 241.3 229.3 221.3 216 214 Employees' Contributions To Approved Superannuation Schemes ...

Written Answers — Department of Finance: Financial Services (13 Jul 2021)

Paschal Donohoe: ...been noted that the relevant pension vehicles which are involved in this case are one member arrangement schemes, known as small self-administered schemes (SSAPs) and non-standard Personal Retirement Savings Accounts (PRSA). You will appreciate that it will be for the Pensions Authority to take whatever actions it deems appropriate under its mandate.  Consumers may have recourse...

Written Answers — Department of Finance: Banking Sector (6 May 2021)

Paschal Donohoe: ...savers. The Group is actively working on implementing a number of those recommendations with a view to addressing some of those highlighted issues. Section 92 of the Pensions Act 1990 provides for the approval process for PRSAs. The Pensions Authority and Revenue are jointly responsible for approving PRSA products. Potential new PRSA product providers must meet with the Authority prior to...

Written Answers — Department of Finance: Pensions Reform (28 Apr 2021)

Paschal Donohoe: ...in November 2020. As far as is possible, and consistent with the Group's overarching objective of pension rationalisation and simplification the Report proposes to align the PEPP with existing PRSA legislation. In an Irish context, PEPP is likely to be of most interest to mobile workers. Apart from portability, a PRSA potentially has more flexible features than a PEPP, means that the...

Written Answers — Department of Finance: Pension Provisions (24 Nov 2020)

Paschal Donohoe: ...income limits per tax year. An individual can only make AVCs into a pension scheme if the rules of the particular scheme permit them. Alternatively, a Personal Retirement Savings Account (PRSA) product should be made available by the employer for the purposes of making AVCs. Where AVCs are paid, the benefits are subject to the rules of the individual’s scheme and the...

Written Answers — Department of Finance: Pensions Reform (28 Jul 2020)

Paschal Donohoe: Personal Retirement Savings Accounts (PRSAs) are low cost, easy-to-access, private pension savings vehicles designed to allow individuals save for retirement flexibly and transfer their pension funds between jobs. They are available to anyone regardless of employment status. The relevant legislation setting out the treatment of PRSAs is contained in Chapter 2A of Part 30 of the Taxes...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (5 Nov 2019)

Paschal Donohoe: ...in relation to a pension scheme, means— (a) an employer or employee, in respect of a scheme referred to in section 774, (b) an individual referred to in section 784(1)(a), 784A(1)(b), 784C(2) or 785(1), or (c) a contributor, within the meaning of section 787A, in respect of a PRSA; ‘significant influence in the management of’, in relation to an entity, means the...

Written Answers — Department of Finance: Tax Reliefs Application (23 Oct 2019)

Paschal Donohoe: ...Consolidation Act 1997 (TCA); contributions to a statutory scheme under section 776 TCA; contributions to a retirement annuity under section 784 TCA; contributions to a Personal Retirement Savings Account (PRSA) under section 787C TCA; and for contributions to a qualifying overseas pension plan under section 787N TCA. Tax relief for the self-employed for pension contributions may be...

Written Answers — Department of Finance: Brexit Issues (5 Mar 2019)

Paschal Donohoe: ...Institutions for Occupational Retirement Provision (IORPs) under the IORP Directive, which governs the operation of cross-border IORPs. The PA also supervises Personal Retirement Savings Account (PRSA) providers in relation to their approved PRSA products.  Firstly, regarding Irish persons paying into approved private pension schemes in the UK, tax relief is available on...

Written Answers — Department of Finance: Pensions Data (17 Jan 2019)

Paschal Donohoe: I am advised by the Pensions Authority (PA), a body under the aegis of the Department of Employment Affairs and Social Protection, that at the end of Q3 2018, the value of assets held in PRSA accounts stands at circa €6.6bn. The number of PRSAs established at that time was 275,739 resulting in a mean average value of PRSAs of circa €24,000. I am further advised by the PA that...