Michael McGrath (Cork South Central, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

85. To ask the Minister for Finance the yield to date from allowing persons early access to pension as provided for in Budget 2013; and if he will make a statement on the matter. [40271/13]

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

Finance Act 2013 provides members of occupational pension schemes with a three-year window of opportunity from 27 March 2013 during which they can opt to draw down, on a once off basis, up to 30% of the accumulated value of additional voluntary contributions (AVCs). Administrators of AVC funds (including PRSA administrators) are required to provide, within 15 working days of the end of each quarter, commencing with the quarter ending on 30 June 2013, certain statistical information to Revenue in relation to AVC pre-retirement transfers or encashments made during the quarter in question.

The information for the first quarter ended 30 June 2013 has been received and the tax yield for that quarter amounted to €10.8 million. It is too early at this stage to comment on the outturn for the year. I have previously stated, however, that this measure enables rather than incentivises individuals to access part of their pension savings beyond their regular or compulsory pension contributions. It is also important that individuals continue to save and provide for their retirement and these are likely factors in the scale of the take-up to date.