Darragh O'Brien (Fianna Fail) | Oireachtas source

I move recommendation No. 1:

In page 10, between lines 6 and 7, to insert the following:“(b) in section 531AM(1)(b) to insert the following after paragraph (viii)—

“(ix) where an individual is charged to income tax under section 112 in respect of a contribution to a PRSA (within the meaning of
Chapter 2A of Part 30) by virtue of section 118(5), the amount of the contribution to the PRSA,”,”.

This recommendation was discussed yesterday. It is our belief there is an anomaly in the manner in which PRSAs are treated. I do not think we need to repeat the points made yesterday. The Minister of State, Deputy Harris, spoke about the pension review yesterday. Is there a timeframe in which it is envisaged the Government will address this issue? Senator Quinn among others raised this issue and effectively showed that it disincentivises further entry into PRSAs which in the main are vehicles for portable pensions. Many of those in the lower income category and-or those engaged in contract work favour PRSAs. The last thing we should be doing is making it less attractive to take out a PRSA.
Does the Minister of State envisage that PRSAs will be considered within a specific timeline? I wish to hear his comments before we decide what to do.