Written answers
Wednesday, 22 November 2006
Department of Finance
Pension Provisions
9:00 pm
David Stanton (Cork East, Fine Gael)
Link to this: Individually | In context
Question 239: To ask the Minister for Finance the estimated amount including AVCs and PRSAs paid by Irish taxpayers into pension plans and schemes approved by the Revenue Commissioners Office in each of the last most recent three years for which data is available; and if he will make a statement on the matter. [39647/06]
Brian Cowen (Laois-Offaly, Fianna Fail)
Link to this: Individually | In context
I am informed by the 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 |
â¬m | â¬m | â¬m | |
RACs | 488 | 671 | 698 |
PRSA* | Not Available | Not Available | 15 |
* Figure for PRSAs reflect the relative early stage of the scheme which was introduced in 2002. |
The figures in respect of employee and employer contributions to occupational pension schemes represent estimates in aggregate form provided on a tentative basis.
Subject to these limitations, and using some data obtained from The Pensions Board, the approximate overall employee contributions are estimated as follows:
Employee Pension Contributions | |||
2001 | 2002 | 2003 | |
â¬m | â¬m | â¬m | |
Estimated contributions | 1,323 | 1,943 | 2,072 |
As regards employer contributions to employee occupational pension funds, using the estimated level of employee contributions as a basis and making certain assumptions as to the total amount of employer contributions, approximate overall contributions from tax liable and non-liable employers are estimated as follows:
Employer Contributions 2001/2002/2003 | |||
â¬m | â¬m | â¬m | |
Estimated contributions | 3,969 | 5,827 | 6,216 |
It should be noted, in relation to 2001, that as this was the "short" tax year on foot of the move to the calendar-based tax year, the 2001 figures will not be directly comparable with those of later years.
These figures are very tentative and efforts are being made to improve information on the cost of tax relief for pensions.
No comments