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PEOPLE HAVE TRIED to transfer tens of millions in pension funds out of Ireland over the past three years, the Minister for Finance has said.
Michael Noonan was providing an update on an investigation by the Revenue Commissioners into whether offshore pension transfer were being made to avoid tax payments.
This investigation was launched last year. No settlements have been paid, however, as the scale of the issue – and any potentially illegal activity – has not yet been ascertained.
The Department of Finance is also looking to review policy in this area.
Since 2012, Revenue has received a total of 456 notifications to transfer pension arrangements off-shore, amounting to total of €54,707,326.
Three-quarters of these payments were to Australia, Cyprus, Malta and the United Kingdom.
“It is important to bear in mind that not all of these transfer notifications may actually have proceeded to an actual transfer,” Minister Noonan said in response to a parliamentary question from Fianna Fáil’s Michael McGrath.
Also many would have been made for bona fide purposes and fully compliant with tax legislation and pension tax policy.
Noonan noted that if it was found that moving pension funds off-shore was an effort to circumvent the requirements of Irish pension tax legislation could trigger a withdrawal of approval for the transfer, resulting in “significant tax liabilities on the sums moved off shore”.
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It may have somthing to do with government ripping off your pension every year
Spot on Michael, maybe the govt should think twice before moving the goalposts like they did, and dipping their beak into someone else’s money!
Maybe, just maybe, some of them were people emigrating and taking their pensions with them?
Wont see them moving any of their state pensions…those retired Ministers and TDs get so much money in pension payments….that even AFTER tax they are still earning a fortune!
I thought TD’S were one of the groups exempt from tax? Not sure about that though. Maybe someone will let me know?
Was a time when half of their salary was exempt from tax…normal tax free allowances applied to the remainder…Im not sure if thats the case now…but with the unvouched expenses that they have they stull clean up..ie ..get a holiday home in the country and charge mileage from that to Dublin!! Handy way of chalking up exorbitant expenses tax free at the expense of US…the taxpayer!
If you’re lucky enough to have worked for the HSE you could retire and continue to receive your full salary, in error of course, but the great thing is when its discovered you can REFUSE to pay it back and then its grand.
Now that’s a pension plan.
Our national pension reserve fund has been off shored to bond holders .
The revenue should investigate this and the previous government .
If you have a private person, you are probably one of those evil bond holders
The TD,s pensions are safe and that,s the main thing ,the rest of the pleb,s just cough up
Noonan noted that if it was found that moving pension funds off-shore was an effort to circumvent the requirements of Irish pension tax legislation could trigger a withdrawal of approval for the transfer, resulting in “significant tax liabilities on the sums moved off shore”.
Hogwash.!!
If the pension fund owner has done a runner (a guy close to bankruptcy) then the money is gone, and it is not coming back.!
Transferring to UK and Oz are emigrants who realise that the pension systems there are light years ahead of Ireland’s. Malta and Cyprus you might want to look into a bit more!
Any OAP in receipt of a private pension saw the tax take on it double after the 2009 Finance Act. They also saw their credits reduced by 66% by the same Bill. People on fixed incomes saw their ability to increase their income through savings nullified by the huge increase in Dirt TAX but they are expected to cope with increases in household bills and a plethora of further taxes/levies brought in since that date. Does this government seriously expect the same people to vote for them come the GE?
Or fear about the euro?
That’s an excellent reason to transfer your pension to Cyprus or Malta…
Ok so what’s the problem?
People putting in Additional voluntary contributions out of wages (gross) tax free. This is to be taxed on draw down at appropriate rate.
Some Individuals are getting their pension diverted to a country with much lower tax apon draw down. Not actually living there, getting the money diverted back to them here.
Avoiding the tax.
#shneaky
Would you blame them?!
This economy would boom again if the government allowed people to unlock there pensions now
If they paid tax on it when paying into these funds then it is there money and their right to do what they want with it, the government did use the state pension as petty cash for their own desires and that was a horrible thing to do.
Pensions. What pensions.? Sure they have taken everything, no nice little nest egg for a rainy day,
have your say