BUSINESS OWNERS

fund your pension fund, tax-free up to €2.15million

The Finance Act of 2023 brought forth some of the most significant changes in pensions that Ireland has seen in a generation.

The biggest change is the opportunity to move funds from your company’s balance sheet to your pension without the previous restriction of mandatory revenue funding calculations. This change creates exciting but potentially time-limited opportunities for individuals looking to invest in their pension and secure their financial future.

Book a free consultation today to discuss how you could avail of this exciting opportunity

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The specific changes in Finance Act 2023 that made this possible

  • An employer can contribute to an employee PRSA without taking into account the age-related tax relief contribution limits which was a requirement in the past
  • Employer contributions to a PRSA are no longer treated as benefit in kind (BIK).
  • There is no limit on employer contributions to an employee’s PRSA. However, the overall tax efficient standard fund threshold for an individual of €2.15m applies.