Pensions manual updates for group schemes and non-resident owners of ARFS

Jun 08, 2020

Revenue’s Pensions Manual Chapter 16 – Group Schemes is now updated to reflect the amendment included in Finance Act 2019.  Chapter 23 is also updated to provide further clarification on the application of double tax agreements to repayment claims from non-Irish resident owners of Approved Retirement Funds (“ARFs”), vested Personal Retirement Savings Accounts (“PRSAs”) and Approved Minimum Retirement Funds (“AMRFs”).

Amendments in Finance Act 2019 now allow employers to make contributions to pension schemes of employees of another employer, including another company in the same group, in certain circumstances. Details relating to this are now included within the Pensions Manual Chapter 16 – Group Schemes.

Section 16 of Chapter 23 contains details on the updated tax treatment of ARFs, AMRFs and retirement fund balances owned by non-Irish tax resident individuals.