ARTICLE · 16 JANUARY 2013

Pensions Update - Winter 2012

Arthur Cox

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On 5 December 2012, the Minister for Finance published the budget for 2013.

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Budget 2013

On 5 December 2012, the Minister for Finance published the budget for 2013. A number of significant changes have been made to the tax treatment of pensions in that budget. In particular on the positive side:

Although heavily tipped, there has been no change to the existing marginal rate relief available to employee pension contributions in this budget.
The Government has confirmed that the pensions levy will not be extended beyond 2014. (The pension levy has contributed €900 million to the austerity measures so far with another €900 million to come in 2013 and 2014.)
Members with additional voluntary contributions (AVCs) will be allowed to withdraw up to 30% of the value of their AVCs (subject to marginal rate tax) for a three year period with effect from the passing of the Finance Bill, 2013.

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