PD schemes would cost €1bn per year

THE extensive package of tax cuts, stamp duty reform and a pension savings scheme will cost over €1 billion to implement each year if the Progressive Democrats are re-elected.

Central to the package is the Special Pension Incentive Account (SPIA), costing €150 million per annum, which will see the State contribute €1 for every €2 saved. It is expected that the average person will save around €3,000 each year.

Only those earning less than €66,400 will be eligible for the scheme. A maximum of €5,000 will be paid by the state for those saving the maximum sum of just under €10,000 per annum.