Tech Talks
A round-up of all the latest Tech Talks from Zurich Ireland.
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With the Revenue “Pay and File” tax deadline approaching, it's crucial to understand the benefits and challenges of making pension contributions before the deadline to maximise tax relief.
While tax relief is only available on pension contributions against your individual earnings, there are some measures that may need to be taken to optimise income tax relief.
Defined Benefit (DB) schemes regularly review how to manage their future liabilities and one exercise that many will undertake is to offer deferred members an ETV (Enhanced Transfer Value). This amounts to their Standard Transfer Value based on their future pension entitlement under the scheme plus an additional incentive. This is normally offered for a limited period and many schemes will require members to obtain financial advice from an advisor appointed by the scheme before allowing them to accept.
In this edition of TechTalk we look at changes to the PRSA (Personal Retirement Savings Account) contract, changes to the State Pension (Contributory) and how these changes may have an impact on payments from your clients Vested-PRSAs and ARFs (Approved Retirement Funds).
The Irish Revenue incentivise pension saving by providing tax relief on contributions and tax-free investment growth on returns made; however, they do impose restrictions on how much you can save using a pension in terms of your contributions and the overall fund you can build.
The Irish Revenue incentivise pension saving by providing tax relief on contributions and tax-free investment growth on returns made; however, they do impose restrictions on how much you can save using a pension in terms of your contributions and the overall fund you can build.
The Pensions Authority’s activity in relation to its enforcement of IORP II has consequences for legacy issues effecting schemes, including pension adjustment orders.
As we continue to navigate the new PRSA landscape we've pulled together an FAQ document to help you better understand the changes and the opportunities available.
The Finance Act 2022 was enacted on 15 December 2022. Amongst other changes to pensions, the Act confirmed that the Benefit in Kind for an employee.
There was a huge amount of Pension change over the course of the year and we thought that as we near the end of the year, it would be a good time to do a recap on it before we move into 2023.