Friday 24 March 2017

Counting the €5m retirement nest eggs

Nick Webb

Nick Webb

FORMER Irish Nationwide chief Michael Fingleton had a pension pot valued at close to €29m during the boom years. But he wasn't the only big earner to have a massive retirement nest egg.

More than 110 people have pension pots of over €5m, according to latest figures from the revenue.

Last week, the Public Accounts Committee was informed that the Revenue had issued Personal Fund Threshold certificates to 110 individuals whose pension funds were worth over €5m in 2005.

The threshold for tax relief on these pension pots was cut to €2.3m in December 2010.

The Revenue has received 1,200 applications for tax relief since that date but has only issued 717 certificates.

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