Michael McCarthy (Cork South West, Labour)
Link to this: Individually | In context | Oireachtas source

80. To ask the Minister for Finance if the AVC withdrawal scheme introduced in Budget 2013 will be extended to cover PRSA's to assist persons to access part of their pension savings particularly in cases where pension schemes are performing poorly. [40245/13]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

Finance Act 2013 was passed into law on 27th March and section 17 of the Act, which makes provision for pre-retirement access to AVCs, has effect from that date. Section 17 introduces a new section 782A into the Taxes Consolidation Act 1997 which provides members of occupational pension schemes with a three-year window of opportunity to draw down, on a once-off basis, up to 30% of the accumulated value of certain AVCs made by them, including additional voluntary PRSA contributions made to AVC PRSAs. This is a restricted measure which enables rather than incentivises individuals to access part of their pension savings beyond their regular or compulsory pension contributions. I do not wish to damage future pension provision and it is important that individuals continue to provide for their retirement. For these reasons, I have no plans to extend the measure beyond AVCs.