The Bill amending the Social Security Act to allow third pillarpensions – making it possible for people to voluntarily take up a private pension to top up their State pension – was approved by Parliament last month.
Under the new law
- An individual may invest up to a €1,000 in an Individual Savings Account and benefit from interest earned from the investment in interest bearing securities/deposits without deduction of withholding/tax; and up to €1,000 in a Personal Retirement Scheme and benefit from a tax credit not exceeding €150 for every €1,000 invested during any one year.
- Couples will be treated as two individuals and may invest €2,000 in each scheme.
As reported by Business OBSERVER
December 4, 2014 by Anthony Manduca
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