The Office of the Revenue Commissioners has just published a 20-page booklet called New Pensions Options for the self-employed, directors of family companies and those not in an occupational pension scheme.
The booklet describes how the changes in the Finance Bill affect these individuals. The most significant change, the removal of the obligation to purchase an annuity, is explained in great detail along with three new options available to retirees.
Allowable pension contributions and tax deductions available are examined. Revenue also defines the new retirement funds: approved retirement fund (ARF) and approved minimum retirement fund (AMRF) and tax treatment of the fund upon the holder's death.
Over the last few days, more than 300,000 copies of the brochure have been sent to those who may benefit from the recent changes. If you do not receive a booklet, they are also available from Tax Offices and from the Revenue website, http://www.revenue.ie
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