Do you need to declare a tax free lump sum from a pension when filling out form 12 online?
If you do under what heading?
Thanks
AKMueller
Why does a tax-free lump sum need to be declared?
Whats it to them in Revenue? None of their business.
This is actually my situation. This lump sum is my first but I'll be doing this again over several years. Although it'll be a while before I hit the 25%/€200K limit.Also, you might have a few pensions maturing over different years.
They already get them disclosed by the pension administrators when they are claimedSo Revenue needs details of any lump sums taken from a pension to be disclosed.
I'm assuming that I'm still required to declare them?They already get them disclosed by the pension administrators when they are claimed
Maybe so with an occupational scheme but a PRSA can be split and the TFLS and ongoing drawdowns accessed incrementally in tranches as outlined by @LDFerguson above. Not sure about an AVC PRSA linked to a specific employment though.I thought in the case where a TFLS derives from contributions from a particular employment, when you retire from that employment you have to take the full amount of the TFLS then?
In the case of me retiring from a public sector employment where I built up an AVC PRSA from that income the TFLS payment was going to be a one time only event? Even if I had split the AVCs in to several policies?
Do you know if an AVC PRSA policy can be split into two policies?
Do you know could I split a AVC PRSA fund in to two policies at retirement
PRSAs can be split to facilitate retirements at different times. AVC PRSAs cannot.
Can't see any ambiguity here myself:I'm not sure if @LDFerguson means that an AVC PRSA cannot be split or that the pots resulting from an AVC PRSA that has been split cannot be retired at different times. Maybe you can split as long as you retire all the pots at the same time.
And here:PRSAs can be split to facilitate retirements at different times. AVC PRSAs cannot.
Splitting a PRSA enables you to "retire" each one at different times, which can be useful for some. You can't do that with an AVC PRSA as AVCs and AVC PRSAs relating to the same employment must all be retired at the same time.
My favourite bit is how the introduction of PRSAs was supposed to simplify things, but they never brought in the rules to simplify things around the PRSA so if just added another layer of complication.Don't get me started on a rant or we'll be here all day.