Results 1-13 of 13 for prsa speaker:Brian Cowen

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Written Answers — Tax Code: Tax Code (2 Apr 2008)

Brian Cowen: I am advised by the Revenue Commissioners that in order for tax relief on contributions to a Personal Retirement Savings Account (PRSA) to be given in a previous tax year a claim by the taxpayer must be made on or before the relevant return filing date for that previous tax year. This claim may be made without the immediate production of the relevant certificate from the PRSA provider. In...

Written Answers — Defence Forces Retirement Scheme: Defence Forces Retirement Scheme (29 Nov 2007)

Brian Cowen: .... It might be noted that the relevant provisions of the Taxes Consolidation Act 1997 preclude Revenue from approving any such scheme that allows payment of benefits prior to age 50. As regards PRSAs, it would be open to any individual member of the PDF, in consultation with a PRSA provider, to determine if they would be entitled to contribute to a PRSA. In this regard, the restriction...

Written Answers — Tax Code: Tax Code (25 Oct 2007)

Brian Cowen: ...that the only relevant information available is in respect of income tax relief allowed for contributions to Retirement Annuity Contracts (RACs) and Personal Retirement Savings Accounts (PRSAs) for the income tax year 2004. RACs and PRSAs are available to the self-employed and to employees not in occupational pension schemes. A distribution by contribution ranges of the number of cases,...

Written Answers — Pension Provisions: Pension Provisions (7 Feb 2007)

Brian Cowen: I am advised by the Revenue Commissioners that the taxpayer concerned is now aged over 75 and is thus precluded, in accordance with tax legislation, from making a tax allowable PRSA contribution. A tax credit certificate will be issuing to the taxpayer within the next number of days. Should he have any specific queries in regard to the other aspects of his tax affairs he should contact his...

Written Answers — Pension Provisions: Pension Provisions (22 Nov 2006)

Brian Cowen: ...Revenue Commissioners that figures of contributions to "Retirement Annuity Contracts" (RACs), which are available to the self-employed and to employees not in occupational pension schemes, and to PRSAs, for the tax years 2001, 2002 and 2003 (the latest available) are as follows: Pension contributions relating to RACs and PRSAs Amount of deduction 2001 2002 2003 €m €m €m RACs...

Written Answers — Special Savings Incentive Scheme: Special Savings Incentive Scheme (1 Nov 2006)

Brian Cowen: ...2006 Finance Act, provides an incentive for eligible SSIA holders on lower incomes to reinvest all or part of their net SSIA proceeds, after maturity, into an approved pension product, including a PRSA. It is primarily a savings scheme and is designed for people who are saving for retirement. The incentive involves a tax credit of €1 for every €3 of SSIA proceeds reinvested, up to a...

Written Answers — Tax Code: Tax Code (19 Oct 2006)

Brian Cowen: ...approved Superannuation Funds (Contributions plus Investment Income less Outgoings) Not available 1,433.5 Retirement Annuity Contracts (RACs) 109,500 264.0 Personal Retirement Savings Accounts (PRSAs) ** 2,400 6.0 Total 836,200 2,889.4 *Numbers sourced from annual Report of The Pensions Board for 2003. **Figures for PRSAs reflect the relative early stage of the scheme which was...

Written Answers — Tax Code: Tax Code (27 Sep 2006)

Brian Cowen: ...employment represent the categories of individual who can exercise these options in relation to their pension plans. The Finance Act, 2002 introduced the Personal Retirement Savings Account (PRSA) the aim of which was to create an attractive alternative pension product which is flexible, portable and user-friendly. The flexible options relating to the drawing down of pension benefits...

Written Answers — Financial Services Regulation: Financial Services Regulation (27 Sep 2006)

Brian Cowen: ..., the Financial Regulator has no role or powers in setting the charges or price of investment products. However, in the case of products for pension purposes, the maximum charges on standard PRSAs cannot exceed 5% of contributions paid and 1% of the PRSA assets. If the Deputy considers that commissions are being inappropriately charged in any specific instances, she should bring the...

Seanad: Finance Bill 2006 [Certified Money Bill]: Second Stage. (28 Mar 2006)

Brian Cowen: ...by transferring moneys from their SSIA accounts into pensions. A sum of €1 will be added for every €3 transferred from an eligible SSIA account into a personal retirement savings account, PRSA, a retirement annuity contract or an additional voluntary contribution, AVC, subject to a maximum bonus of €2,500. In addition, the exit tax to be paid on the SSIA moneys so transferred into...

Finance Bill 2006: Second Stage. (7 Feb 2006)

Brian Cowen: ...by transferring moneys from their SSIA accounts into pensions. A total of €1 will be added for every €3 transferred from an eligible SSIA account into a personal retirement savings account, PRSA, a retirement annuity contract or an additional voluntary contribution, AVC, subject to a maximum bonus of €2,500. In addition, the exit tax to be paid on the SSIA moneys so transferred into...

Written Answers — Pension Provisions: Pension Provisions (8 Dec 2005)

Brian Cowen: ...employed carers. First, an employee who is not in a Revenue approved occupational pension scheme may effect either: (a) a retirement annuity contract; or (b) a personal retirement savings account, PRSA, and claim tax relief, subject to certain restrictions, in respect of his or her contributions to such schemes. Second, where an employer has in place a Revenue approved occupational pension...

Written Answers — Fiscal Policy: Fiscal Policy (8 Mar 2005)

Brian Cowen: ..., with effect from 15 September 2003, any employer whose employee pension arrangements do not include an AVC facility to offer access to at least one standard personal retirement savings account, PRSA, to be used for AVC purposes, that is, the topping up of the pension benefits. Even if an AVC facility is provided under the rules of an employer's occupational pension scheme, an employee...