Written answers
Tuesday, 29 November 2011
Department of Finance
Pension Provisions
9:00 pm
Michael McGrath (Cork South Central, Fianna Fail)
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Question 97: To ask the Minister for Finance if the pension schemes of the commercial State companies are subject to the 0.6% annual pension levy; the total pension fund value of the commercial State companies; and if he will make a statement on the matter. [36966/11]
Michael Noonan (Limerick City, Fine Gael)
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The stamp duty levy of 0.6% applies to the market value, on the valuation date, of assets under management in pension funds and pension plans approved under Irish tax legislation. The pension arrangements affected include funded retirement benefit schemes (i.e. occupational pension schemes), retirement annuity contracts and personal retirement savings accounts (PRSAs – other than what are known as "vested" PRSAs). Funded pension schemes sponsored by or put in place in respect of the employees of the companies to which the Deputy refers would have been approved by the Revenue Commissioners for tax purposes and the levy therefore applies to the assets of such funded schemes.
There is no general requirement for data on the value of Irish pension funds to be returned to my Department or to the Revenue Commissioners. I am not, therefore, in a position to provide the Deputy with data in relation to the value of the pension funds in the schemes operated by the companies referred to in the question.
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