New Pension Rules 2023 for Company Directors

PRSA rules

Very favourable and attractive new Company Pension Rules were signed into law on 15th of December 2022 for PRSA’s. (PRSA means Personal Retirement Savings Account). The Finance Act 2022 introduced significant changes to Personal Retirement Savings Accounts (PRSAs). We are happy to say these new rules will have a very positive impact for Company Directors and their spouses. What do the new Revenue Rules mean for Company Directors? 1. Your company can transfer more money in any single year into …

Inheritance Tax on Pensions – How to make sure your Spouse gets your Pension Tax-Free if you pass away

Recent changes in the Finance Act December 2022 now mean a PRSA Pension is the better way to structure your Pension so that your Spouse inherits your Pension Tax Free in the event of your untimely death. Currently most Company Directors have Executive Pension Schemes. In the event of your untimely death Executive Pension Schemes in most cases pay a lump sum to a spouse of no greater than 4 times your salary from the pension, with the balance assessable …