Changed rules on pension limits begin to hit on savings over Euro 2m

Retirement savers who build a pension pot of more than €2 million face a big tax bill

13th July, 2014

Budget 2014 further reduced the amount which can be accumulated tax efficiently in a pension to Euro 2 million.

On June 30, the Revenue Commissioners launched an online system to facilitate individuals with accrued benefits in excess of this amount on January 1, 2014 to claim a personal fund threshold (PFT) of up to Euro 2.3 million (which has been the limit since 2010).

The reduction in the limit to Euro 2 million was a move which was signalled by the Minister...

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