The Finance Bill introduced by Minister Jack Chambers in Ireland includes changes to the pension landscape, particularly impacting Hospital Consultants and GPs close to or above the €2m pension limit. Key changes include an increase in the Standard Fund Threshold to €2.8 million by 2029, reduction in revenue factors, and maintaining lump sum limits. These changes offer opportunities for higher tax-efficient pension benefits and lower CET liability for medical professionals. However, the implementation of these changes depends on the outcome of the upcoming elections, presenting political uncertainty. Consulting with a financial advisor is recommended to navigate the new pension regulations and maximize retirement benefits.
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Impact of pension changes for medical professionals following Finance Bill publication
