It is rumoured that tax-free limits around pensions, specifically in relation to employer contributions to PRSAs could face future restrictions in the upcoming finance acts. Currently the only limit on large contributions to PRSAs is the €2 million Standard Fund Threshold, which effectively frees up an employer to pay more employer contributions into an employee’s
Men are putting more money into their pensions than women, according to 93pc of financial advisers questioned for a new survey. Over two thirds of the advisers said that men are saving “way more” than their female co-workers. The findings are further evidence of the gender pension gap, with women being generally less financially prepared
Compulsory workplace pensions will leave even standard-rate taxpayers less-well-off than under existing pension arrangements, according to numbers presented by a senior industry figure. The State contribution of €1 for every €3 invested by a worker under auto-enrolment has been described as more beneficial for those paying tax at the lower rate who may be less
FOR some the State Pension, at about €14,500 pa, will be an important source of income in retirement. Significant changes in when the State Pension can be claimed apply from 1st January 2024, and from 1st January 2025 the way in which a new State Pension entitlement is calculated will be changed. A new option
Personal Retirement Savings Account or PRSA’s were introduced in 2003 where for the first time Employers were obliged to offer a PRSA facility to their employees. The product was rolled out by insurance companies however given its overall structure and remuneration incentives, its uptake was extremely low. Pension changes in 20 years since the launch
The Supreme Court will give judgment on Monday on a significant constitutional challenge by a bereaved unmarried man and his three children over their exclusion from the widower’s contributory pension scheme. The decision by the seven-judge court could provide guidance on the extent to which the constitutional protection for the family applies to families not
With effect from the 1st of January 2024, changes to the State Pension (Contributory) are being introduced. This is because today in Ireland, people are living longer, are healthier and lead more active lives resulting in more people availing of state pensions for longer. These changes include: improved access to state pensions provision for long-term carers better
Q1: I’m self-employed. How much can a pension contribution reduce my tax bill by? A1: If you are self-employed and pay tax at 40 per cent and you make a pension contribution of €10,000 then this will reduce your tax bill by €4,000. Q2: Is there a limit to how much of my earnings I
This blog outlines a number of points to keep in mind the following points when setting up and contributing to a PRSA: Whilst the ability to make large contributions to a PRSA appears to be here to stay, it is worth speaking to your financial advisor about this opportunity now. Excess fund tax is
Investors in many markets are facing a common challenge: increasing responsibility for building savings to meet their needs in retirements that are lasting longer. The fuel behind this fire comes from multiple sources: public or social security pensions often provide no more than a basic retirement income, fewer companies are offering defined benefit schemes to
