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Parliamentary Question addressed to the Minister for Finance

8th October 2013 - Olivia Mitchell TD

To ask the Minister for Finance if additional AVC’s are subject to the private pension levy; and if he will make a statement on the matter?

 
I take it that the question is referring to the stamp duty levy of 0.6% on pension scheme assets that was introduced in 2011 for the four year period up to and including 2014. The levy applies to the market value, on the valuation date (generally 30 June each year), of assets under management in pension funds and pension plans approved under Irish tax legislation. Payment of the levy must be made by 25 September in each year. The pension arrangements affected include funded retirement benefit schemes (e.g. occupational pension schemes), retirement annuity contracts and personal retirement savings accounts (PRSAs) – other than what are known as “vested” PRSAs. Additional Voluntary Contribution Schemes are retirement benefit schemes approved by the Revenue Commissioners under Irish tax law and as such are subject to the levy.