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?
Perhaps we live in different worlds. To me, a pre-retirement salary of €110k is an awful lot of money. A post-retirement salary of €70k+ is an awful lot of money. Given the State of our economy, I don't see that addressing small loopholes about tax treatment of investment growth for a small number of wealthy people should be top priority for Govt.
Perhaps we live in different worlds. To me, a pre-retirement salary of €110k is an awful lot of money. A post-retirement salary of €70k+ is an awful lot of money. Given the State of our economy, I don't see that addressing small loopholes about tax treatment of investment growth for a small number of wealthy people should be top priority for Govt.
Can I clarify a couple of things?
- Are there generally fixed retirement ages with such funds? I know of some wealthy people with self-managed pensions who managed to get access to their funds long before 60+.
- When you mentioned that 'grandfathering' may well apply to any further cap reductions as before, what exactly does this mean.
Fully agree - fair play to you for putting this valuable asset in place.However I subscribe to the adage that you make your own 'luck' : I have been contributing to my AVC since I was 22 years (ie for 30years) and hence despite recent market turbulence I have an AVC fund that was to provide me with options for a) early retirement, b) idexation of my pension (which my DB scheme does not have - unlike the public service schemes!). Now I find myself in a situation where I cannot get the AVC funds invested back , even though future growth in either the AVC element (even when invested in lower risk cash) or the increasing value of the DB element mean that more and more of my funds will be subject to double taxation. So complainer while your may be correct in saying that given the current situation of the country that i am 'lucky' wouldnt the country be in a better position overall if others had been similarly prudent and not blown their money in their younger years (which I didnt do)
Just for the record, I'd have no objection to some facility for you to take funds back out taking the tax hit on the way. I'm not stomping my feet and suggesting that the Govt has to spite you. I'm just suggesting that you're probably not going to be the top priority area for Govt action in the current circumstance.it cant be right that this policy be undone retrospectively with virtually no grandfathering for future growth of funds that are locked down and inaccessible. I would have no problem with the policy if there was some way of taking the fund back out (albeit taking a tax hit along the way but I dont believe this is an option).
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