Flybytheseat
Registered User
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A couple questions which hopefully some of the very knowledgeable posters on AAM will know the answer to:
1. If the SCSB calculation (including waiving right to pension TFLS) returns a value >€200K (e.g. €270K) is the full €270K plus Statutory tax free or is it only €200K tax free (up to lifetime limit of termination payments) ? Is there also tax relief for the statutory Redundancy element of the package if the SCSB relief is >=€200K ?
2. Is the "Loop Hole" of transferring from an occupational pension scheme (DC) to a PRSA to purge the pension TFLS waiver still open ? If yes, can this be done well after the redundancy / termination closer to normal retirement age. This would be to minimise charges as PRSA charges are higher than if the fun were just left in the occupational pension scheme.
3. If availing of the waiver and not going down the loophole route can any a lump sum still be taken to avail of the 20% tax for pension lump sums over €200K but less than €500K ?
Thanks
1. If the SCSB calculation (including waiving right to pension TFLS) returns a value >€200K (e.g. €270K) is the full €270K plus Statutory tax free or is it only €200K tax free (up to lifetime limit of termination payments) ? Is there also tax relief for the statutory Redundancy element of the package if the SCSB relief is >=€200K ?
2. Is the "Loop Hole" of transferring from an occupational pension scheme (DC) to a PRSA to purge the pension TFLS waiver still open ? If yes, can this be done well after the redundancy / termination closer to normal retirement age. This would be to minimise charges as PRSA charges are higher than if the fun were just left in the occupational pension scheme.
3. If availing of the waiver and not going down the loophole route can any a lump sum still be taken to avail of the 20% tax for pension lump sums over €200K but less than €500K ?
Thanks
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