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New Health Insurance Rules from 1/05/2015 (LCR)

What is Lifetime Community Rating (LCR)?

In Ireland, everybody is charged the same premium for a particular health insurance plan, irrespective of their age, gender and the current or likely future state of their health. This is called community rating.

On the 1st May 2015, the government will introduce Lifetime Community Rating legislation. Under Lifetime Community Rating (LCR), community rating is modified to reflect the age at which a person takes out private health insurance. Late entry loadings are applied to the premiums of those who join the health insurance market at age 35 or over.

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Welcome to our Budget 2015 Summary

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.

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