The Revenue Commissioners have extended a deadline for people in excess of current limits on pension savings to notify them. The deadline has now been moved to the 31 July 2015.

The Standard Fund Threshold is a limit to the amount of pension funds that a person can accumulate while availing of tax relief. Over the last years the Government has reduced this limit. As the threshold drops, those above the new threshold can notify Revenue and receive a Personal Fund Threshold to reflect their fund size at the date the new lower limit was introduced. This means they do not face any further tax bill.

In January 2014, the threshold fell from €2.3 million to €2 million. Any pension scheme members with savings above €2 million but less than €2.3 million should notify Revenue before the end of July.

Click here to find out more (Revenue website).