Sea of Change on PRSAs

This year’s Finance Act will not have gone down well with many company directors. Fast-tracked to make way for the general election, not unusually, the latest Finance Act contained a few unwelcomed surprises.

Yes, it had been widely rumoured that tax-free limits around pensions, specifically in relation to employer contributions to Personal Retirement Savings Accounts (PRSAs), could be restricted in Finance Bill 2024. Yet the legislation’s confirmation that the Government is to do this – as well as the extent of the restrictions – will have left a sour taste in the mouths of many entrepreneurs, company owners and directors and will likely require them to take a new approach to their pension planning from the New Year.

In this month’s FM Report, ITC’s Glenn Gaughran discusses the recent changes to PRSAs that increases complexity and reduces the ability for people to save for retirement. Click here to read more >>   

Glenn Gaughran, Head of Business Development and Marketing