Very favourable and attractive new Company Pension Rules were signed into law on 15th of December 2022 for PRSA’s. We have been liaising with industry representatives to verify the implications of these new rules.
We are happy to say these new rules will have a very positive impact for Company Directors and their spouses. (PRSA means Personal Retirement Savings Account).
These new changes now mean:
- Your company can transfer more money in any single year into a PRSA pension than has previously been allowed.
- Your company can receive corporation tax relief in the current year for all contributions into a PRSA pension.
- In the event of death, ALL of your PRSA pension can be paid to your spouse tax free. (This is a very important change).
- A second bite of the Cherry ! A person who has already accessed their company pension can now set up a new PRSA pension, if they wish, and contribute to it up to age 75.
If you have any questions on these new PRSA rules, or any aspect of your financial or tax situation, please get in touch on 01 5267770 or email info@guardianwealth.ie
