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Finance Bill 2023 & Pensions

  • 19-10-2023 7:56pm
    #1
    [Deleted User]
    Posts: 281 ✭✭


    Section 784 of the Principal Act is amended by the insertion of the following subsection after subsection

    (8): "(9) Notwithstanding any other provision of this Chapter, on and from 1 January 2024 the Revenue Commissioners shall not approve any contract under this section, save in the case of any such contract in respect of which an application has been made to the Revenue Commissioners for approval under this section before that date."

    1. No RACs / Personal Pensions will be able to be purchased after 01/01/2020.

    (update 20/10 -  I made a mistake on the text in the Bill about RACs. They're not going to stop folk taking out RACs. They're just not going to approve any new ones being introduced to the market. Strange way to phase out a product but there you go.)

    Amendment of section 787K of Principal Act (Revenue approval of PRSA products) 19. Section 787K of the Principal Act is amended, in subsection (1)(c) (ii), by the deletion of "or after he or she attains the age of 75 years".

    2. A whole of life PRSA ie. No need to move the fund to an ARF so you can mature the PRSA and it can be a vested PRSA beyond 75.

    Post edited by Boards.ie: Mike on


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