Pensions - Personal Funds Threshold Deadline
Who needs to apply for a 2014 PFT?
Pension fund owners who:
Do not already have a PFT at 07 December 2005 or 07 December 2010;
Have uncrystallised retirement benefits at 01 January 2014; and where the total value of crystallised (between 07 December 2005 and 01 January 2014), if any, and uncrystallised retirement benefits at 01 January 2014 exceeds €2 million.
Should apply for a 2014 PFT no later than 02 July 2015. There is no way to apply after that date.
Pension fund owners who do NOT need to apply for a 2014 PFT
The following types of pension fund owners cannot and should not apply for a PFT 2014:
no uncrystallised retirement benefits 01 January 2014; and
no uncrystallised retirement benefits 01 January 2014 but whose total value of crystallised (between 07 December 2005 and 01 January 2014) and uncrystallised retirement benefits at 01 January 2014 does not exceed €2 million.
If a pension fund owner misses the 2nd July deadline can they make a late PFT application?
No. There is no facility in legislation to apply for a PFT beyond the date the on line PFT system is closed down on the evening of 02 July 2015.
Beyond that date, the normal Standard Fund Threshold of €2m applies where a client does not have a PFT.
Want to know more? We are available to discuss your options, and we look forward to hearing from you.
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