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Automatic Enrolment Retirement Savings System Bill 2024: Second Stage (Resumed) (17 Apr 2024) See 1 other result from this debate

Leo Varadkar: ...who are only working part-time while they are students to opt out probably does not make a huge amount of sense. The trade unions have raised some issues in respect of anomalies around people who already have PRSAs. I am not sure whether their points are correct but they do need to be responded to. It would be terribly unfair if people who had already set up a PRSA were disadvantaged...

Automatic Enrolment Retirement Savings System Bill 2024: Second Stage (16 Apr 2024)

Duncan Smith: ...in the Bill that could see employers getting away with not making contributions to employee's pension for a number of years if that employee already has a personal retirement savings account, PRSA. The seven-year period before an employer has to make contributions needs to be significantly shortened. It is effectively punishing employees who try to be proactive and set up a PRSA for...

Ceisteanna Eile - Other Questions: Tax Reliefs (10 Apr 2024) See 5 other results from this debate

Pearse Doherty: This is in relation to the benefit-in-kind, BIK, exemption for employer contributions to PRSA legislation that was introduced in the Finance Act 2022. It appears to me that this is facilitating aggressive tax planning. It also appears to me that the Department was warned this was happening, probably on more than one occasion. It was also warned prior to its introduction that it would or...

Written Answers — Department of Finance: Tax Code (9 Apr 2024) See 1 other result from this answer

Pearse Doherty: .... To ask the Minister for Finance to confirm if his Department received a submission in June 2022 from an organisation (details supplied) regarding the tax treatment of employer contributions to a PRSA; his views on the organisation’s view that “if the current BIK charge on employer PRSA contributions is removed and such contributions are no longer considered for tax purposes...

Written Answers — Department of Finance: Tax Exemptions (15 Feb 2024) See 3 other results from this answer

Pearse Doherty: 185. To ask the Minister for Finance the maximum amount, in nominal terms, that a company or proprietary director can fund a single PRSA through an employer contribution in a single year with full tax deductibility; and if he will make a statement on the matter. [7399/24]

Joint Oireachtas Committee on Housing, Planning and Local Government: General Scheme of the Residential Tenancies (Right to Purchase) Bill: Discussion (Resumed) (7 Dec 2023)

John Cummins: ...those bodies whether they would be relatively satisfied if that was the case and the answer was "Yes". I will take up a few other points. On another issue I raised last week, mention was made of PRSA requirements for registering a bid. However, that might not necessarily apply in this scenario because an agent might not be in the mix at that particular point. If tenants are given 90...

Finance (No. 2) Bill 2023: Report and Final Stages (22 Nov 2023)

Pearse Doherty: I move amendment No. 36: In page 25, after line 37, to insert the following: “Report on Anti-Tax Planning Measures with respect to PRSA Products 20.The Minister shall, within six month of the passing of this Act, prepare and lay before Dáil Éireann a report on the removal of the 75-year age restriction which applied to payments from new and existing Personal Retirement...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023) See 5 other results from this debate

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...

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 Employment Affairs and Social Protection: Departmental Contracts (20 Apr 2023)

Heather Humphreys: ...Details of consultants enlisted by the Pensions Authority in 2022 Javelin Advertising Ltd €62,900 Provision of advertising and media services Anthony Gilhawley €52,293 Framework agreement for technical advisory services - OPS, SSAP, PRSA William Fry €31,536 Provision of legal...

Joint Oireachtas Committee on Social Protection: General Scheme of the Automatic Enrolment Retirement Savings System Bill: Discussion (Resumed) (25 Jan 2023)

...an employer who is not operating a scheme or operating a scheme that imposes as a waiting period for membership of it a period that is longer than six months must provide mandatory access to a PRSA. This is aligning. We feel the general scheme is not aligning with the current practices. We have a substantial level of private-sector provision that should be preserved and not destabilised...

Joint Oireachtas Committee on Social Protection: General Scheme of the Automatic Enrolment Retirement Savings System Bill 2022: Discussion (Resumed) (18 Jan 2023) See 1 other result from this debate

...we also want to see within the AE scheme. Under law, every occupational scheme must provide either access to additional voluntary contributions, AVCs, or a personal retirement savings account, PRSA, that allows additional AVCs. This allows a person to increase his or her contributions. We are putting in place schemes and trying to encourage savings, and yet we are blocking any...

Joint Oireachtas Committee on Social Protection: Automatic Enrolment Retirement Savings Scheme Bill: Discussion (Resumed) (14 Dec 2022)

...and I think there was some discussion of that last week at the committee - to an entirely commercial provision, such as employees being mandated to take out a personal retirement savings account, PRSA, and all employers being mandated to contribute to them. In its programme for Government published in 2020, as the Chair said, the Government announced that it would tackle this problem by...

Seanad: Social Welfare Bill 2022: Committee and Remaining Stages (13 Dec 2022)

Alice-Mary Higgins: ...to pension but have the period of care recognised throughout. For example, if someone takes five years to deliver care then he or she should continue to be registered in the system and continue to be given PRSA stops for that period. I mean that it would not just be reflected in his or her pension but it would also mean that he or she has a relationship with the social welfare system...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022) See 4 other results from this debate

Pearse Doherty: ...to the application of benefit-in-kind, BIK, in that the employer contributions and the contributions on behalf of an employee from an employer in regard to a personal retirement savings account, PRSA, are no longer considered benefit-in-kind. Has the Department done any analysis of the increased cost of the tax relief on pension contributions following this change? That is my first question.

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) See 1 other result from this answer

Peter Fitzpatrick: ...he will reconsider the current approach to one member pension arrangements and changes to personal retirement savings accounts in the Finance Bill 2022 in October 2022; if he plans to enforce this PRSA benefit-in-kind, which leaves a benefit taxable liability in the hands of the staff member; and if he will make a statement on the matter. [49821/22]

Written Answers — Department of Finance: Pension Provisions (22 Sep 2022) See 1 other result from this answer

Aindrias Moynihan: 146. To ask the Minister for Finance with reference to the one-member company pensions if the proposed changes to the PRSA will replicate all aspects of existing one-member arrangements; and if the enhanced PRSA will be included in the Finance Act 2022; and if he will make a statement on the matter. [46243/22]

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...