Standard Fund Threshold Set to Increase
With the Standard Fund Threshold (SFT) set to change, retirees will be able to get tax relief on up to €2.8 million in a pension pot under plans approved by Cabinet.
The Minister for Finance, Jack Chambers, published the report of the independent examination of the Standard Fund Threshold (SFT) on September 18th.
The SFT has remained unchanged since 2014 and the report makes a number of recommendations to modernise and update the operation of the SFT which reflect developments in the pensions landscape and the impact of wage growth. It remains to be seen if any of the Report’s additional recommendations will be fully or even partially implemented by future governments
At Unio Employee Benefits, we want our members to plan for the retirement you deserve. Pensions and their rules and regulation is an ever-changing world. If you have any questions about the information in this update or any aspect of your employee benefits schemes, contact your client manager directly or get in touch at enquiries@unio.ie.