Tommy Broughan (Dublin North East, Independent)
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42. To ask the Minister for Finance if he will report on the Revenue Commissioners' compliance programme regarding the transfer of pensions funds off-shore; and if an audit of overseas pension transfers has taken place at banks in majority or minority public ownership. [4609/15]

Michael Noonan (Limerick City, Fine Gael)
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I am advised by the Revenue Commissioners that their legal obligation not to divulge taxpayer information precludes them from providing the specific details the Deputy has requested.

However, the Revenue Commissioners inform me that they are engaged in a compliance program that involves visits to pension providers, pension administrators and pension trustees in relation to the transfer of pension funds off-shore. The purpose of this program is to ensure that the consequences of any transfer of pension funds off shore do not contravene tax legislation. This compliance program is ongoing.

I am further informed by the Revenue Commissioners that moving pension funds off-shore in an effort to circumvent the requirements of Irish tax legislation may fall foul of the conditions under which the pension scheme was approved by the Revenue Commissioners as an exempt approved scheme or the conditions under which a PRSA product received Revenue approval.  This could result in the withdrawal of the approval of an occupational pension scheme in accordance with the provisions of section 772(5) of the Taxes Consolidation Act (TCA) 1997 or the withdrawal of the approval of the PRSA product under section 787K (3) and (4) TCA 1997. Any such withdrawal of approval could trigger significant tax liabilities on the sums moved off shore and the withdrawal or claw back of tax reliefs. Moreover, in such cases and depending on the circumstances and the motivation of the individual concerned the possibility also arises that such transactions may also fall foul of the legislation designed to counter tax avoidance transactions.