In an e-Brief which issued this week, Revenue set out the notification procedure in relation to pension funds valued in excess of €5m on Budget Day 18 May.

According to the notice, where an individual had a fund in excess of €5m on 07/12/05 (Budget Day), this Standard Fund Threshold of €5m can be replaced by a Personal Fund Threshold on notification to Revenue, enabling the individual to retain what they held on that date.

It is important to ensure that the notification is made on the appropriate form to Financial Services (Pensions) Branch before 7 June 2006. The relevant legislation is Section 14, Finance Act 2006.

This clarification was issued in response to ICAI representations on the matter. The e-Brief is reproduced at 2.05 below.