Changes to the Taxation of Pensions 2011

Summary of Changes in Taxation of Pensions 2011
ISSUEPRE-BUDGET 2011POST-BUDGET 2011
MAX AMOUNT FOR WHICH INDIVIDUAL CAN CLAIM TAX RELIEF€150,000€115,000
PRSI ON EMPLOYEE PENSION CONTRIBUTIONSNONE4%
UNIVERSAL SOCIAL CHARGE ON EMPLOYEE CONTRIBUTIONSNONEUP TO 7%
EMPLOYER PRSINONENONE
ARF DEEMED DISTRIBUTION- (AMOUNT THAT NEEDS TO BE DEDUCTED YEARLY FROM APPROVED RETIREMENT FUNDS)3%5%
ARF AVAILABILITY

PERSONAL PENSIONS

AVC FUNDS

GREATER THAN 5% PROPRIETARY DIRECTORS

DC PENSION SCHEMES
ARF MINIMUM INCOME LEVELS TO AMRF€63,000 TO AMRF€120,000 TO AMRF
INCOME LEVELS TO ARF€12,700 TO AVOID AMRF€18,000 TO AVOID AMRF
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