Richard Bruton (Dublin North Central, Fine Gael)
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Question 152: To ask the Minister for Finance the circumstances in which persons will be able to withdraw money from an under-performing pension fund; and if he will make a statement on the matter. [29688/09]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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The rationale for giving various tax reliefs to statutory and Revenue-approved pension savings schemes is to encourage and promote savings over the long term in order that individuals will have an adequate replacement income in old age. Any proposal, however well-intentioned, that would allow pre-retirement access by individuals to retirement savings could significantly reduce the quantum of pension savings available to those individuals in old age.

Revenue approval of pension schemes is given on the basis, essentially, that benefits may only be paid at the point of retirement (usually from age 60) or on earlier death. I have no plans to amend these provisions. However, employees may take "early retirement" benefits from a pension scheme anytime from age 50.

It is the case that pension funds have been negatively impacted by the turbulence in global financial markets. The value of a pension fund can increase or decrease depending on the performance of the investments chosen. There are actions which individuals may be able to take with a view to managing and minimising this impact.

Members of pension schemes or individuals with personal pension plans should regularly review the performance of their pension fund with the fund administrator or provider to see what actions can be taken to improve performance. Individuals may also have the option to choose the type of investments into which their pension funds are placed or, more generally, to influence the investment strategy to be followed by the pension fund administrators and providers. It might be expected, for example, that most of a pension fund would be invested in higher-risk funds in the early-to-mid years of a contributor's working life, moving to middle-risk funds in later years and lower-risk funds as an individual nears retirement. Individuals may also be able to transfer between investment funds or to move future contributions into different funds. These are matters on which individuals can obtain further information from their pension fund administrator or provider.

Richard Bruton (Dublin North Central, Fine Gael)
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Question 153: To ask the Minister for Finance the most recent estimate of the cost of the tax exemption; the number of beneficiaries; and the details of the classifications of beneficiaries by range of income exempted from tax. [29690/09]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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I understand that the Deputy's question relates to the tax exemption of certain earnings of writers, composers and artists.

I am informed by the Revenue Commissioners that the relevant available information relates to the overall cost to the Exchequer of the exemption and the total numbers of claimants as included in income tax returns filed for the income tax year 2006, the latest year for which the necessary detailed information is available. In that year an estimated number of 2,890 claimants availed of the artists' exemption scheme at an estimated cost to the Exchequer of €66 million.

An income distribution by reference to bands of exempt income is set out in the attached table. This information is based on income returns on Revenue records at the time the data were compiled for analytical purposes, representing about 93% of all returns expected from claimants for this exemption.

A married couple who has elected or has been deemed to have elected for joint assessment is counted as one tax unit.

A breakdown of these figures by artistic category is not available but the Deputy may wish to know that under Freedom of Information legislation, the Revenue Commissioners publish details on their website of individuals who have been granted a determination allowing them to claim the Artists Exemption in respect of income earned from the sale of their works. The names of those qualifying for the relief with effect from 21 April 1998 are available and the list is set out in alphabetical order in each of the five categories of work covered by the exemption, viz. (a) a book or other writing, (b) a play, (c) a musical composition, (d) a painting or like picture, (e) a sculpture. The list is updated on a quarterly basis. This information can be found on the Revenue website at www.revenue.ie.