SSIA maturity arrangements
The Revenue Commissioners have reassured holders of SSIAs that they will receive instructions in plenty of time to ensure that any paperwork can be completed in order to mature their accounts in accordance with SSIA regulations.
"We are aware that some holders of SSIAs may have concerns about the procedures which they will have to follow at the end of the five year savings period in order to mature their accounts" says Liam Irwin, Revenue's Collector-General. "There is no cause for concern: the first SSIAs will not mature until 31 May 2006, depending on when accounts were commenced, they will mature on a monthly basis thereafter until 30 April 2007. This means that the earliest date on which a maturity declaration can be returned is 1 March 2006. Savers don't have to do anything in the meantime."
Revenue are currently in discussions with the financial institutions to finalise the arrangements to ensure all paperwork can be completed and returned within the timeframe set out in the regulations.
Guidelines on termination arrangements for SSIAs will be issued by Revenue in good time. These will be designed to make sure that the formalities are easy as possible for everyone concerned.
[Ends 24/03/05]
Background Note:
The regulations governing the maturity of SSIAs have been in place since the scheme was introduced in 2001. These regulations stipulate that, in order for an SSIA account holder to get the maximum benefit from the scheme, they must make a "maturity declaration" to their financial institution. The declaration, which can be made at any time in the three month period ending on the maturity date, will simply confirm that at all times in the period from when the SSIA was commenced until the declaration is made, the saver complied with the terms and conditions of the scheme.
The financial institutions are aware of maturity procedures including the requirement for savers to complete the declaration forms and return them within the specified timeframe.
More SSIA information available on the Revenue website www.revenue.ie or via this quick link - Information on Maturity of SSIAs.