Chase Buchanan Irish Pensions Expert, Sheds Light on the Standard Fund Threshold Calculation
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星期五, 九月 29, 2023
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Chase Buchanan's Irish pensions specialist, Malcolm McDowell, has recommended all Irish pension savers, and non-residents with Irish retirement products, review their tax positions if they are approaching, or likely to reach, the €2 million Standard Fund Threshold calculation (SFT).
Key Points:
- Chase Buchanan's Irish pensions specialist, Malcolm McDowell, has recommended all Irish pension savers, and non-residents with Irish retirement products, review their tax positions if they are approaching, or likely to reach, the €2 million Standard Fund Threshold calculation (SFT).
- The SFT is a level above which Irish pension fund holders are exposed to additional taxation.
- While the Standard Fund Threshold calculation only applies to higher-value pension funds, the tax levies assigned are substantial, and can be mitigated with support from a suitably experienced and licenced financial adviser.
- Effective tax rates on pension savings above the SFT can exceed 70%, with only the residual post-tax proportion of pension assets above the SFT threshold accessible by the fund holder.