1. BUDGET 2017
Budget 2017 was announced on 11 October 2016 and the
implementing Finance Bill was published on 18 October 2016.
Together, they contained two pensions-related initiatives.
Benefits for Pensioners Increase
There will be a €5 per week increase in the State pension
with effect from 1 March 2017. The timing of the increase will mean
that schemes which operate State pension offsets based on the State
pension amount in January of a given year will not see a change to
the deduction until January 2018.
PRSA and Tax Planning
The Finance Bill proposes legislative amendments to provide
that, where benefits are not taken by a Personal Retirement Savings
Account ("PRSA") owner on or prior to
his or her 75th birthday, they will be treated as being taken on
that date and the PRSA will be treated as 'vesting' on that
date. For individuals over the age of 75 with an unvested PRSA, the
PRSA will be deemed to vest on the date of the passing of the
Finance Bill
