The Finance Bill, 2013 (the "Bill") was published on
13 February 2013. The Bill will implement the changes announced by
the Minister for Finance in Budget 2013. There are two significant
changes from a pensions perspective. They are:
Early draw down of Additional Voluntary Contributions
("AVCs")
The Bill gives members a once off opportunity to draw down up to
30% of the value of their AVCs for a period of three years
commencing on the date of the passing of the Finance Act, 2013. The
option is available solely for AVCs made by the member to provide
additional benefits in retirement and expressly excludes employer
contributions, contributions made to a Personal Retirement Savings
Account ("PRSA") that are not AVCs or AVCs made for the
purposes of purchasing notional service. Where a member's AVCs
are the subject of a Pensions Adjustment Order ("PAO")
the member and the non-member spouse will be deemed to each hold a
share of the AVC fund and permitted to exercise
