I read in yesterday's Sunday Business Post where there is a potential loophole in the bonus being offered to transfer part of one's SSIA to a PRSA. It seems that it is possible for some people to transfer €7,500 of their SSIA to a PRSA, receive a €2,500 bonus and withdraw from the PRSA right away.
The article in the SBP mentioned that the Revenue would come down heavy if it thought the institutions were promoting/exploiting this loophole - however I'm not sure whether the individual could be pursued by the Revenue if they did this?
Does anybody have any further info on this. I would be too young to avail of this, but it might come in handy for my parents as both have SSIA's maturing next year.
Yogi