There are two different State Pensions systems, namely the Social Insurance system and the Social Assistance system. The Social Insurance system provides pension benefits based on an individual’s PRSI record over their lifetime whereas the Social Assistance system provides means tested pension benefits. Herein we are going to look at the State Pension (Contributory) which […]
Category Archives: Pensions
26
Apr
Apr
Professional sportspeople may a have relatively short working life (as sportspeople) but with high earnings. The pensions system recognizes the special characteristics of such individuals. Taxable earnings Professional sports people resident in the State will likely be taxable on their sport’s earnings either under Schedule D (as a profession) or Schedule E (as an employee), […]
22
Mar
Mar
Finance Bill 2016: Changes to Personal Retirement Savings Accounts (PRSAs) and Retirement Annuity Contracts (RACs) held past the age of 75 The Finance Bill 2016 introduced changes in the way PRSAs and RACs (i.e. Personal Pension Plans) will be treated where a person passes, or has already passed their 75th birthday. Unvested PRSAs and RACs […]
The Finance Bill 2013 opened up a 3-year window of opportunity from 27 March 2013 (i.e. the date of passing of Finance Act 2013) during which members of occupational pension schemes could opt (by making an irrevocable written instruction to their pension fund administrator) to draw down, on a once-off basis only, up to 30% […]
27
Oct
Oct
UK State Pension ‘top up’ scheme From UK Department for Work and Pensions: From the 12th October 2015, a new scheme is being launched in the UK helping anyone reaching State Pension age before 6 April 2016 to safeguard their long-term financial security. Men aged 65 or older and women aged 63 or […]
14
Oct
Oct
Budget 2016 Summary & Analysis No change in pension tax relief limits Opportunity before Pay & File ROS deadline of the 12th of November (or 31st of October for others), to backdate personal pension contributions to 2014 and obtain tax relief at 41% (for higher rate taxpayers within the usual limits for 2014) instead […]
17
Sep
Sep
10 REASONS WHY PENSIONS STILL MAKE SENSE WHAT WILL THE STATE PENSION BE IN THE FUTURE? The State Pension (Contributory) personal full rate for a single person is currently €230.30 per week, or €436.60 per week with an adult dependant allowance. Demographic changes in Ireland, as in countries across the EU, will put pressure […]