Revenue have issued a “simplified” approach to the measures FA06 which provide an incentive for SSIA holders on lower incomes to invest some or all of their SSIA funds into a pension product when their SSIA matures. While any simplification of this incentive scheme is to be welcomed, the Revenue statement is of technical interest in that it contradicts the legislation passed by the Oireachtas. This has an unambiguous requirement that the 42% rate must not have applied to individuals hoping to avail of the incentive.

The Revenue statement is set out at 2.05 below