Revenue closes loop-hole

Dear Editor, The Budget has confirmed that the Revenue has closed a loophole which allowed pension funds to be passed on tax-free at death. Providers of small self-administered pension schemes (SSAS) had been marketing scheme pensions as a way of passing pension money onto family without tax since A-Day. However, the Government has clamped down on what it regards as an abuse of the rules. The change will apply to members who die on or after 6 April 2008. The rules will treat any increase in the pension rights of one member following the death of another member - if the two members were ...