Tax deduction on large pensions

Changes will be put in place in 2014 to the maximum allowable pension fund at retirement.
Tax relief on pension contributions will only serve to subsidise pension schemes that deliver
income of up to €60,000 a year. This will take effect from 1 January 2014.

Tax relief on pension contributions will continue at the marginal rate of tax. The Pension Levy
announced as part of the Jobs Initiative will not be renewed after 2014.

About 27,000 people would be affected by the €60,000 cap – essentially those earning at or above €125,000 a year in the public or private sector according to chief executive of the Irish Association of Pension Funds (IAPF) Jerry Moriarty in the Irish Times