Here you will find submissions made by us on specific topics to Government and the Pensions Authority. These might be in response to specific consultation exercises or on our own initiative.

IAPF Pre Budget Submission 2010IAPF11.11.2010The IAPF 2010 pre budget submission urges the retention of the current tax incentives in order to ensure that workers continue to save for their retirement. We also call for the retention of the current level of State pension. The submission highlights the impact of moving to a 33% rate of tax relief on middle income employees and the particular effect on public sector employees because of the pensions levy.

The Minister of Finance has been recorded as stating that this will only create €115 million in tax savings. Much of the recent commentary on this issue is misinformed and overestimates the revenue that could be generated by amending the system of tax relief.

We have met with the Department of Finance and highlighted the impact of reducing tax relief on member contributions. It is clear that the pensions sector will need to make a contribution to the Government’s Four Year Plan and we have urged the Department to consider alternatives to a straight reduction in tax-relief which will only result in an overall reduction in savings for retirement. The focus should be on reducing the capacity for high levels of accumulation in order to protect the middle income savers. We will be looking to carry out research and work with the Department to quantify the savings that could be made by reducing the current levels of benefits that can be accumulated. We believe that this offers a much more equitable and sustainable solution.
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