Written answers

Thursday, 20 December 2012

Department of Finance

Pension Provisions

Photo of Michael McGrathMichael McGrath (Cork South Central, Fianna Fail)
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To ask the Minister for Finance if he will provide a detailed statement of the basis of the estimated yield in 2014 of €250 million from proposed changes to the maximum allowable pension fund; the persons he now intends to consult with regarding this proposal; and if he will make a statement on the matter. [57618/12]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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On page A10 of the Budget 2013 booklet which accompanied my Budget speech, I indicated that the full-year yield from changes to the maximum allowable pension fund at retirement for tax purposes (the Standard Fund Threshold), together with other possible changes to be put in place in 2014 to give effect to the commitment in the Programme for Government to cap taxpayers' subsidies for pension schemes which deliver pension income of more than €60,000, is estimated at €250 million. The Budget 2013 booklet makes clear, however, that the estimated full-year savings are provisional at this time as further detailed analysis of the necessary changes and their impact will be required. As I mentioned in my Budget Speech, consultation on the specific changes required to the existing pension regime will continue with, among others, the pensions sector and the Departments of Public Expenditure and Reform and Social Protection.


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