Premature closure of 80,000 SSIAs saves the State over €200m

ALMOST 80,000 SSIAs were prematurely closed because the holders could no longer afford contributions, wished to end their participation or breached scheme rules.

Analysis of Revenue figures suggests their withdrawal may have saved the State more than €200 million.

More than 1.17 million SSIAs were commenced between the opening date of May 1, 2001, and the closing date of April 30, 2002.