Leading up to the recent Finance Act there was much public attention and debate with respect to the scope of employer personal retirement savings accounts (PRSA) funding, the current level of the standard fund threshold (SFT) and the roll-out of the Automatic Enrolment Retirement Savings System (AE). Thus, there was little surprise when Finance Act 2024 introduced a number of key tax measures pertaining to these areas of retirement planning. It is evident that the Irish pension system is currently undergoing significant reform. The pension changes provided for by Finance Act 2024 aim to address compliance concerns, modernise retirement planning and expand our national pension coverage. In this article we outline these pension tax reforms in detail, opine on the specific legislative changes and consider the potential impact of such changes on our pensions landscape.
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