Medical Consultants: Planning for the standard fund threshold at retirement

In Ireland, there is currently a funding cap on pensions of €2m. This is known as the standard fund threshold. This is the maximum amount of pension that can be accumulated before a second tax is applied to the pension. This is a tax rate of 40% on the excess of over €2m. It applies to both private pensions (both defined contribution and defined benefit) and also public sector pensions.

Medical Consultants: Should I make a pension contribution this year?

It is that time of year again – tax time. We are approaching the deadline for filing tax returns for income earned in 2019. The tax return will reconcile any tax paid during 2019 in the form of preliminary tax with the final total amount due based on the tax return. Any surplus will be refunded and any shortfall will mean that the balance of tax owed for 2019 has to be paid.