When I left my former employer in 2008, I paid more tax than was strictly necessary on the redundancy lump sum
in order to be able to claim a tax-free lump sum on retirement of 1.5 times salary.
This was done under the Defined Benefit plan and Revenue rules at the time.
We are now in a situation where the DB plan has been wound up by the company and I understand that my remaining (and greatly reduced)
benefits will be put into an ARF.
My question is: Does the provision which I made for taking the tax-free lump sum (i.e. paying extra tax at the time of redundancy)
now have any bearing on the size of the lump sum which may be taken from the ARF on retirement - or do separate ARF rules apply?
If it now turns out that paying that extra tax was a pointless exercise, can I claim the tax back from the Revenue?
Many Thanks.
in order to be able to claim a tax-free lump sum on retirement of 1.5 times salary.
This was done under the Defined Benefit plan and Revenue rules at the time.
We are now in a situation where the DB plan has been wound up by the company and I understand that my remaining (and greatly reduced)
benefits will be put into an ARF.
My question is: Does the provision which I made for taking the tax-free lump sum (i.e. paying extra tax at the time of redundancy)
now have any bearing on the size of the lump sum which may be taken from the ARF on retirement - or do separate ARF rules apply?
If it now turns out that paying that extra tax was a pointless exercise, can I claim the tax back from the Revenue?
Many Thanks.