Brendan Ryan (Dublin Fingal, Labour)
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147. To ask the Minister for Finance if he is considering permitting those who have paid into private pension funds to release moneys from those funds in certain circumstances before they reach 65 years of age, particularly in the context of debt issues and difficulties experienced by the self-employed; and if he will make a statement on the matter. [14732/16]

Michael Noonan (Limerick City, Fine Gael)
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The State encourages individuals to put funds aside for their retirement by incentivising such savings through the tax system. Ongoing contributions to Revenue- approved pension schemes and personal pension plans are exempt from income tax (within limits) while the investment growth of such schemes and plans are also tax exempt. Retirement benefits are taxable at drawdown at normal retirement age with the exception of the permissible tax-free retirement lump sum. 

These concessionary tax treatments are not available to other savings arrangements. This is because pre-retirement access to the benefits from pension schemes or plans is generally not permitted, as these arrangements (and the associated tax reliefs on contributions and pension fund growth) are designed to facilitate long term savings based on the principle that the benefits will be locked away to help fund an adequate income in retirement.

The point at which pension savings can be accessed varies according to the type of savings vehicle and, in the case of occupational schemes, the schemes particular rules. It may be worth noting, however, that in many cases it is possible to access pension savings before the age of 65 and in some cases they can in fact be accessed from age 50. It can also be possible to access savings early on grounds of ill health. I do not currently have any plans to extend the range of circumstances in which pension savings can be accessed early.