Parliamentary Question addressed to the Minister for Social Protection

To ask the Tánaiste and Minister for Social Protection further to Parliamentary Question No. 201 of 17 September 2014, if the review of personal pension vehicles has taken place; if the issue of extending the approved retirement fund options to holders of buy-out bonds derived from defined benefit schemes has been examined; and if she will make a statement on the matter?

The current supplementary pension system which comprises a multiple of pension savings vehicles has evolved over time has become extremely complex and difficult to understand without investment of considerable time and effort of the engagement of professional advisors. The present system needs to be simplified so that it is more understandable to members, potential members and to the general public. 

The issue you have raised regarding access to the Approved Retirement Fund option to owners of a buy-out bond arising from their membership of a defined benefit pension scheme will form part of a review of the personal pension vehicles. I expect that work will be undertaken during 2015 in this context.