Budget 2015 – What the pension levy changes mean?

Rob O’Neill, Senior Financial Advisor

Budget 2015 has been hailed as the first non-austerity budget since the economic collapse of 2008 with good news all round with changes in Income Tax and USC rates. Perhaps, one of the most forward thinking measures of Budget 2015 is the abolition of the levy on private pensions.

The 0.6% levy is due to expire at the end of this year, while the 0.15% levy will come to an end next year. Finally, the combined levy of 0.75% that applied for 2014 will be reduced in 2014, with no levy planned for pensions in subsequent years.

Start your pension today

Excellent news for anyone with a pension, but if you haven’t yet starting saving for retirement, now just might be the perfect time to get started. Before making any major financial decision, it is important to get expert and independent advice from a qualified financial advisor. At MC Financial, we will carry out a full analysis of the products currently available so you are armed with the best information required to choose the right pension for you.

To find out more about how you can reduce a hefty tax bill and put away some money for your retirement, talk to Rob, our pensions expert today by calling 01 822 8022 or by emailing rob@mcfinancial.ie.

To learn more about how pensions can help you save for retirement and reduce your tax bill, check out the MC Financial comprehensive pension page.

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