Revenue asked to survey self-administered pensions

THE Revenue Commissioners are to be asked to survey the beneficiaries of a lucrative pension tax break in order to calculate the cost of the scheme – which has stumped finance officials.

The secretary general of the Department of Finance David Doyle said he had no idea how much the tax relief for self-administered pensions was costing the State.

The scheme is availed of by 6,500 people and allows them to pay up to €5 million into a pension tax-free. On retirement they can withdraw a quarter of this as a lump sum without paying tax.