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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 Noonan: ...the Finance Bill debate on Second Stage. During that debate, he highlighted the differential treatment afforded to employer contributions to trust-based occupational pension schemes as compared to PRSAs, in so far as the operation of the annual limits on employee tax-relieved pension contributions are concerned. Basically, the amount of tax-relieved contributions which an individual or an...

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.