National Pension Helpline - October 2024 Update

OCTOBER 2024

October 13, 2024

Hi ,

Welcome back to the National Pension Helpline's monthly newsletter!

At the start of the month, Budget 2025 was unveiled, and it certainly fell short of expectations. The government opted for a “welfare budget”, avoiding any significant structural reforms.

On October 10th, the Finance Bill was introduced, bringing with it some noteworthy changes to Irish pensions.

In this edition, we delve into the details of both the budget and the Finance Bill, highlighting the various changes we believe could (and should) have been implemented.

National Pension Helpline’s Budget 2025 Review

Budget 2025 has been widely advertised as offering “the largest social welfare package in the history of the State, providing €2.6 billion to assist households”. 

nationalpensionhelpline.ie/news/national-pension-helplines-budget-2025-review

We have made some important updates to the information on “cashing out your pension early” as well as the new inheritance tax rules announced in the budget.

Cashing in your pension at 50 Ireland

Once you turn 50, you can cash in your pension early and access a 25% pension tax free lump sum from. Here’s everything you need to know:

nationalpensionhelpline.ie/pension-advice/can-i-cash-in-my-pension-early

Inheritance Tax Calculator

If you receive an inheritance following a death, you may have an inheritance tax liability. If you receive a gift, you may have to pay gift tax on it. Both these taxes are types of Capital Acquisitions Tax (CAT).

nationalpensionhelpline.ie/pension-calculators/inheritance-tax-calculator

As always, please send us your questions and we value any feedback on our content quality. Email: [email protected]