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ARTICLE · 18 OCTOBER 2013

Budget 2014 – Pensions Provisions

Mason Hayes & Curran LLP
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The pensions provisions in the 2014 Budget, as announced on 15 October, were largely as follows...

IrelandTax
Peggy Hughes
Peggy Hughes
Deborah McHugh
Deborah McHugh
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The pensions provisions in the 2014 Budget, as announced on 15 October, were largely as follows:

1. Change to Standard Fund Threshold (SFT)

The SFT is being reduced from €2.3 million to €2 million from 1 January 2014. The SFT is the limit on the total capital value of pension benefits which an individual can draw in their lifetime before incurring further tax liabilities. Individuals with pension benefits in excess of €2million at 31 December 2013 should protect the capital value of those benefits by claiming a Personal Fund Threshold (PFT) subject to a maximum of €2.3 million. Those who already have a PFT will retain it.

The valuation factor of 20 used to convert a pension to a capital value for defined benefit pension entitlements will continue to apply for benefits accrued to 1 January 2014. It is proposed that benefits accrued after that date will be capitalised using new age-related factors depending on the age at which an individual starts to draw down

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