Saturday, January 23, 2021
  • About
  • Advertise
  • Careers
  • Contact
Pension Changes
  • Home
  • Government Policy
  • Pension Changes
  • Pension Information
  • Pension Rights
  • Retirement Pension
No Result
View All Result
Pension Changes
Home Pension Rights

Isme to support legal action against pension tax relief limit

September 22, 2020
in Pension Rights
Isme to support legal action against pension tax relief limit
0
SHARES
3
VIEWS
Share on FacebookShare on Twitter

SME body ISME is backing a test case against the Government that would challenge the way Irish pensions are being taxed.

The group said it was working with members and interested bodies on the case, which is being taken against the €2 million Standard Fund Threshold on Irish pensions that limits tax relief. The measure, which ISME says could see pension holders pay as much as 70 per cent once private pension pots pass the threshold and the funds are withdrawn, does not apply to public pensions.

The threshold was first introduced in 2005 at €5 million, but was cut to €2.3 million in 2010 and to €2 million in 2014.

ISME chairman Ross McCarthy said the action will start within weeks, and is being taken to solve inequality between public and private pensions. He warned the current situation could see high-earning professionals leaving Ireland to protect their future income.

“This is not us pitting the private sector against the public sector, it is an equity issue to ensure that all income is treated the same,” he said. “People in the private sector have a substantially lower ceiling than people in the public sector.

“This challenge is being taken from a tax perspective as well as a democratic perspective. It is not about public versus private. It is long overdue to protect people’s pension rights and level the playing field between people – no matter where they make their income.”

The announcement is being made to coincide with Pensions Awareness Week, which runs until September 25th.

“It’s not just the ultra-rich who are affected by the Standard Fund Threshold. People who have saved hard to retire in their 60s are often hit. At current annuity rates, a €2 million pension pot would provide a 65-year-old couple with less than €65,000 per year,” said Ralph Benson, Pensions Awareness Week founder and head of financial advice at savings, investment and pensions platform Moneycube.ie.

“The Standard Fund Threshold goes against the need to make pensions simple, financially attractive, and worthwhile for people in Ireland. Revising it in line with ISME’s challenge would help many people in Ireland to do the right thing with their money”.

— to www.irishtimes.com

Related posts

EU Court to Consider if an Irish Pension can be Exempted from a UK Bankruptcy Estate

Jurisdiction issues were a part of our lives long before Brexit

January 23, 2021
Brexit and Covid-19 Universal Credit changes in 2021, including to benefits and pensions

Brexit and Covid-19 Universal Credit changes in 2021, including to benefits and pensions

January 21, 2021
Previous Post

How Women Can Fight Future Financial Shortfall

Next Post

Thousands protest across Colombia against police brutality

Next Post
Thousands protest across Colombia against police brutality

Thousands protest across Colombia against police brutality

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED NEWS

Action to give free bus passes back to Hartlepool Waspi women

Action to give free bus passes back to Hartlepool Waspi women

11 months ago
Industry reacts to UK green revolution plan

Industry reacts to UK green revolution plan

2 months ago
Macron’s pension changes survive two confidence votes

Macron’s pension changes survive two confidence votes

11 months ago
Guaranteed Minimum Pension (GMP) equalisation newsletter – July 2020

Academies accounts return 2019/20: guide to completing the online form

3 months ago

FOLLOW US

  • 79 Followers
  • 27.6k Followers
  • 40.7k Subscribers

BROWSE BY CATEGORIES

  • Government Pension Policy
  • Pension Changes
  • Pension Information
  • Pension Policy
  • Pension Rights
  • Retirement Pension
  • Uncategorized

BROWSE BY TOPICS

2021 2021 Pensions auto-enrolment age 18 auto enrolment pension contributions 2021/22 auto enrolment rates 2020/21 auto enrolment rates 2021/22 cashing in pension at 55 cashing in pension calculator cashing in small pension pots CCP retirement check my state pension Disabled pensions drawdown employer pension contributions 2021/22 government policy examples uk list of government policies uk minimum pension contributions 2021 minimum pension contributions 2022 new state pension Pension age pension issues pension ombudsman pension plan pension regulator Pensions Advisory Service Pensions Brexit pension scheme uk Pensions outlook retirement 2 million scams scheme funding Single mothers pensions State Pension State Pension age state pension changes state pension forecast State Pensions State triple lock taking pension at 55 the pensions regulator Therese Coffey uk pension age UK State Pension uk state pension age what is government policy uk

POPULAR NEWS

  • Multiemployer pension reform not happening this year

    Multiemployer pension reform not happening this year

    5 shares
    Share 0 Tweet 0
  • Exit payment cap: Implications for the LGPS

    0 shares
    Share 0 Tweet 0
  • Public Service Pensions Update | October 2020

    0 shares
    Share 0 Tweet 0
  • NEST: More than a pension | Country Report

    0 shares
    Share 0 Tweet 0
  • Builders were not self-employed, rules employment tribunal

    0 shares
    Share 0 Tweet 0

Follow us on social media:

Recent News

  • Jurisdiction issues were a part of our lives long before Brexit
  • Parkland families demand Marjorie Taylor Greene resign over conspiracy theory the shooting was faked
  • Brexit and Covid-19 Universal Credit changes in 2021, including to benefits and pensions

Category

  • Government Pension Policy
  • Pension Changes
  • Pension Information
  • Pension Policy
  • Pension Rights
  • Retirement Pension
  • Uncategorized

Recent News

EU Court to Consider if an Irish Pension can be Exempted from a UK Bankruptcy Estate

Jurisdiction issues were a part of our lives long before Brexit

January 23, 2021
Parkland families demand Marjorie Taylor Greene resign over conspiracy theory the shooting was faked

Parkland families demand Marjorie Taylor Greene resign over conspiracy theory the shooting was faked

January 23, 2021
  • About
  • Advertise
  • Careers
  • Contact

© 2020 Please contact us on partnership@pensionchanges.co.uk if you would like to reach our audience.

No Result
View All Result
  • Home

© 2020 Please contact us on partnership@pensionchanges.co.uk if you would like to reach our audience.