Deadline on pension savings threshold notification extended

The Revenue Commissioners have extended a deadline for people in excess of current limits on pension savings to notify them.

Governments over the past decade have reduced the amount of pension funds an individual can accrue while availing of tax relief. The limit is called the Standard Fund Threshold.

As the threshold drops, those above the new threshold can notify Revenue and receive a personal fund threshold to reflect their fund size at the date the new lower limit was introduced. This means they do not face any further tax bill.

In January 2014, the threshold fell from €2.3 million to €2 million. Anyone with pension savings above €2 million but less than €2.3 million was given until July 2nd, 2015 to notify Revenue.

Despite the 18-month window, it is thought that a significant number of individuals have not responded. Revenue has extended the deadline to July 31st.