Launch of 2007 Edition of the Revenue Pensions Manual
The 2007 Edition of the Revenue Pensions Manual was launched this afternoon (25 July) by Mr. Frank Daly, Chairman, Revenue Commissioners
The Manual is a technical publication aimed at those working in the pensions industry that explains the requirements for approval of pension schemes and details the operation of the various tax reliefs associated with these schemes.
Speaking at the launch, Mr. Daly reflected on the pace of change in pensions and said that:
"We in Revenue are conscious of our responsibility to provide coherent and timely support to professionals in the pensions industry. As the tax reliefs associated with Revenue approved pension schemes are considerable, a high level of compliance with the legislation is essential. Clear, up to the minute guidance for the industry and for other interested parties is a prerequisite for fostering compliance and this Manual is a significant part of Revenue’s contribution towards achieving this objective. It has now been updated to provide detailed information on the practical operation of recent important changes in tax legislation effecting pensions, including:
- The introduction of a life time limit on individual tax relieved pension funds
- Tax relief for migrant workers and seconded employees coming to Ireland who wish to continue making contributions to a pension scheme in their own country
- Changes to the taxation regime for Approved Retirement Funds".
Full text of the Chairman's speech
[Ends 25/07/07]