Category Archives: Pensions

State Pension (Contributory) Update

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 […]

Professional Sportspeople and Pensions

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), […]

Finance Bill 2016: Changes to PRSAs and RACs held past the age of 75

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 […]

Time is running out on pre-retirement access to AVCs

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% […]

UK State Pension ‘top up’ scheme

  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 […]

Budget 2016 Summary & Analysis

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 […]