The 2013 Finance Act reduced the Standard Pension Fund Threshold for individuals to €2 million, effective from 1st January 2014. While the majority of people will not be effected by this limit, those with a fund in excess of this amount at 1st January 2014 have just a few weeks left to apply for a Personal Fund Threshold (PFT).
The deadline for applying for a PFT is the 1st July next, and this must be done online at www.revenue.ie. Amounts in excess of this threshold will be taxed heavily, so it’s important to act quickly if this effects you.
We are happy to assist any clients that think they may be impacted by this new limit. As a first step, you should gather up values of all pension arrangements as at 1st January 2014. Please feel free to contact us at 01 497 2133 or by email at firstname.lastname@example.org for further information. Revenue have indicated that there will be NO extension of this deadline.