2013 budget pension measure falls €75m short

The budget measure allowing early drawdown of additional voluntary contribution pensions generated €25m in 2013 compared with a Government expectation of €100m.

The move was aimed at releasing extra cash into the economy in an effort to stimulate domestic demand. Under the proposal, individuals would be allowed a once-off option to withdraw up to 30% of the value of funded additional voluntary contribution made to supplement retirement benefits.

The €25m figure emerged following a parliamentary question by Fianna Fáil TD Michael McGrath.