I would have thought it would be fairer to let the fund grow tax-free and at retirement tax any surplus over €2.3m at the marginal rate of tax.
Joking aside, I presume that anyone in this position would be well-advised to completely de-risk their pension fund as the double taxation will simply wipe out any risk premium they might have otherwise expected.
We must have different understandings of 'snookered'. I always thought of it as a negative, bad situation. How does having a large retirement pot at a relatively young age become a bad situation?currently have a fund value close to the €2.3m PFT, then you are snookered.
Complainer,
Without wishing to be pedantic, "snookered" means being in a situation that is difficult (sometimes impossible) to get out of e.g. the white ball is surrounded by coloured balls and you cannot hit a red ball.
So you are over €2.3m, you cannot yet access the fund (being aged 52), you cannot avoid being double taxed on the excess over €2.3 even though you played by the rules in building up the €2.3m. I think "snookered" describes it accurately.
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