Minister for Finance, Paschal Donohoe T.D. yesterday delivered his second Budget speech, in which he stated that “we must continue to maintain a broad and stable tax base, ensure our spending is efficient and sustainable and that our economy is as resilient in bad times as it is dynamic in good times”.
There was very little in the Budget which directly impacts the Life & Pensions industry: a small increase in the Group A threshold for CAT, increases in social welfare payments of €5 per week from March 2019 and the Christmas Bonus re-instated to 100% in 2018 – these last two measures will have an impact on guaranteed pension income and AMRFs.
There may be further measures announced in the Finance Bill which is due to be published 18 October 2018 and if there is, we will issue further commentary on such changes.
Our annual Budget Summary is now available for download. We hope you find it useful