Temporary extension to SSIA Pension Incentive Scheme time limit
The Revenue Commissioners have today (03/08/06) announced a temporary extension to the three month time limit for investing SSIA funds in an approved pension product. This extension to the three-month time limit applies to SSIAs maturing in May and June 2006 only.
This new Pension Incentive Scheme was introduced in the 2006 Finance Act to encourage those on lower incomes to roll over some or all of their SSIA proceeds into an approved pension product and to continue the savings habit with regular savings into a pension.
SSIA holders who wish to avail of the scheme are obliged to make a subscription to an approved pension product within three months of the maturity date concerned. As the new Pension Incentive Scheme has just commenced this extension will give potential investors and administrators additional time to make the necessary arrangements.
[Ends 03/08/2006]