Budgeting in the current climate: how can I get my spending under control? Q I’m finding it difficult to budget at the moment to the constant changes to prices, interest rates and so-called expert opinions on what’s going to happen. How can I budget better and try get both my spending and saving under
Click here for our Budget 2020 Newsletter A truly historic Budget involving Fianna Fáil, Fine Gael and the Green Party is marked by huge spending increases. A record Budget of €17.75 billion has been announced with nearly half of all spending going on Covid-19 supports which has been framed by the pandemic and the prospect
Budgeting Tips Do you need help making your money last until pay day? By facing up to poor spending habits and setting yourself a budget you’ll find that not only does your money go further, but you may even have some left over. You don’t follow a budget Most Irish adults don’t have a household
1. Pensions
The pension changes outlined in the Budget and current relevant rules are as follows:
Pension Fund Levy
The Pension Fund Levy will continue in 2015 at the rate of 0.15% as confirmed in last year’s Budget. Minister Noonan has confirmed the levy will cease after 2015.
This is encouraging for all those who hold private pensions and should ensure greater certainty in retirement funding.
Standard Fund Threshold (SFT)
The Minister did not mention in his Budget speech a change to the SFT of €2 million.
Those individuals with pension rights in excess of the SFT of €2 million as at 1 January 2014 have until 2 July 2015 to protect the capital value of those rights by applying for a Personal Fund Threshold (PFT) up to a maximum of €2.3 million. Individuals who already have a PFT will retain that PFT and do not need to take any action.
1. Get organised
Gather together all your paperwork
If you’ve been sensible, all of your paperwork will be neatly filed