Ciarán Lynch (Cork South Central, Labour)
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Question 146: To ask the Minister for Finance if consideration has been given to allowing mortgage holders who are in difficulty to access additional voluntary contributions made to pension funds in order to meet repayment commitments; and if he will make a statement on the matter. [26258/10]

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 retirement.

Emerging demographic indicators point to increasing numbers of people living longer and healthier lives with more of their lives spent in retirement than previously. In those circumstances, I think it is important to protect pension savings to ensure an adequate post-retirement income. Revenue approval of occupational pension schemes is given on the basis, essentially, that benefits may generally only be paid at the point of retirement (usually from age 60) or death, whichever is the earlier. Similar rules apply in the case of personal pensions such as retirement annuity contracts and PRSAs. I have no plans to amend these provisions. In the case of occupational pension schemes, however, subject to the terms and conditions of the particular scheme rules, employees may take "early retirement" benefits anytime from age 50. However, where early retirement is chosen, benefits will be restricted.