Revenue looks to smother further pension loophole

The Revenue says it has become aware of ‘growing interest in discretionary approval schemes within occupational pension schemes.' It says this can lead to an unintended use of the legal provisions of mandatory approval to move about in a way it deems to be ‘unacceptable’, enabling a method of doublefunding substantial retirement benefits leading up to A-day. The Revenue provides an example where a long serving company director opts out of pensionable service and transfers his maximum accrued benefits under a mandatory approval scheme out to a personal pension scheme. The mandatory appr...