Terence Flanagan (Dublin North East, Fine Gael)
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To ask the Minister for Finance the position regarding the pensions levy (details supplied); and if he will make a statement on the matter. [57982/12]

Michael Noonan (Limerick City, Fine Gael)
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The statement referred to in the details supplied by the Deputy relates to the study undertaken by the Department of Social Protection, the Central Bank and the Pensions Board into the level of charges in the pensions industry. The report on this study was published by my colleague, Ms Joan Burton TD, the Minister for Social Protection in late October last. On its publication, Minister Burton highlighted the technical and complex nature of the report. She has given interested bodies and individuals a period of time to consider the report and its recommendations and to respond to her by the end of this month. She will then propose to Government on further policy or regulatory action necessary.

On the matter of the pension fund levy, I have held the view since the introduction of the levy that the companies who manage and administer the assets of the pension funds and schemes should generally be in a position to absorb the impact of the levy by reducing the charges and fees which they apply. I have pursued this issue with the representative bodies of these companies but the response has not been positive. I have been told that it would be a matter for individual companies to decide on the question of absorbing the cost of the levy into their existing fees and charges but that the scope for companies to do so is very limited. There have been calls to force the companies through legislation to absorb the levy but I do not consider that this approach, which would ignore the circumstances from case to case, would be appropriate.

As regards the companies specifically mentioned in the details supplied, the relationship between the State and those companies is that the Boards and management teams retain responsibility for determining strategy and commercial policies and conducting day-to-day operations. I will not intervene in the operational management decisions of the companies concerned.

Finally, I confirmed in my Budget 2013 speech that the pension fund levy will not be renewed after 2014 the final year of its four year duration.

Terence Flanagan (Dublin North East, Fine Gael)
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To ask the Minister for Finance the total level of private sector pension contributions for each of the past five years 2007-2011 as disclosed to him by industry bodies; and if he will make a statement on the matter. [57983/12]

Michael Noonan (Limerick City, Fine Gael)
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I am advised by the Revenue Commissioners that the relevant information they have in this area is in respect of the amounts of contributions to various pension arrangements for which income tax and corporation tax relief is claimed and relates to contributions in relation to both the public and private sectors. The information is in respect of contributions to Retirement Annuity Contracts (RACs) and Personal Retirement Savings Accounts (PRSAs) by self-employed individuals and employees in non-pensionable employment and also contributions by employees and employers via payrolls to occupational pension schemes and PRSAs. Contributions by companies on behalf of their employees are included in the figures provided by employers and these figures are derived from the annual P35 returns made by employers to the Revenue Commissioners. The total aggregated amounts of all contributions for the years 2007 to 2011 (rounded to the nearest € million) are included in the following table. It should be noted that the figures in the table for the most recent years are provisional and are subject to revision.

* The information on RACs and PRSAs is based on income tax returns on Revenue records at the time the data were compiled for analytical purposes, representing approximately between 85% and 95% of all returns expected, depending on when the data was extracted for each year. As is done for the purpose of compiling annual estimates of cost to the Exchequer, these basic figures are, in accordance with normal practice, grossed-up at aggregate level to adjust for the perceived level of incompleteness. Information in relation to RACs and PRSAs for the tax year 2011 is not yet available as the returns have not yet been fully processed.