Michael Fingleton, the former boss of the beleaguered Irish Nationwide Building Society, made most of the Sunday papers. In what the Sunday Independent called “a dramatic development”, a close associate of
Posts Tagged ‘Pensions’
Five Irish universities have ignored a Government directive to cut back on all discretionary payments to staff by “gifting” free pension years costing tens of millions of euro to academics and others. The universities have given 748 free pension years to 200 retiring employees, in addition to their regular pensions.
The National Pensions Framework was published by the Department of Social and Family Affairs last week. Key recommendations made include:
- An effective tax relief on personal pension contributions at 33%
- A mandatory approach to pension scheme membership
- A cap of €200,000 on the tax free lump sum
- Increasing the state pension age
The government’s new pensions’ roadmap comes under scrutiny in most of the Sunday newspapers and it appears its chosen vehicle may be as reliable as a dodgy brakes. A consensus is emerging that the proposed changes will keep accountants very busy over the next few years as people scramble to make sense of the changes.
The Sunday Times reports that if executives are prepared to forego future pay rises they would still be entitled to tax relief at the current rate of 41%, rather than the proposed new rate of 33% from 2014.