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

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.

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)

Pearse Doherty: When we are talking about one-member schemes, for occupational schemes and PRSA schemes are the employer contributions subject to age-related percentage limits?

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

Pearse Doherty: Now that the proprietary director can pay himself or herself, or impact his or her remuneration package, under a PRSA which is not subject to the age limit restrictions, that allows him or her to do something that was not available under the occupational scheme because there are limits in terms of the age-related percentage limits that kick in, but that do not kick in under PRSA.

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...