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How to ensure your pension(s), Approved Retirement Fund (ARF), Approved Minimum Retirement Fund (AMRF) and/or Vested Personal Retirement Savings Account (PRSA) are taxed in a beneficial manner?

If you have only one source of taxable income

You must provide Irish Life with your correct PPSN.

Irish Life will register your pension ,Approved Minimum Retirement Fund  (AMRF), Approved Retirement Fund (ARF) or Vested Personal Retirement Savings Account (PRSA) income with Revenue using the PPSN you have provided.  On request Revenue will provide Irish Life with your available tax credits and rate bands.    Depending on your individual circumstances, the payments from Irish Life may be subject to tax (tax refers to Income Tax, Universal Social Charge (USC) and Pay Related Social Insurance where applicable). 

 

What information do I require if I need to contact Revenue to allocate my tax credits and rate bands?

You can contact Revenue’s PAYE Helpline at Ph: 01 7383636

Ensure that you provide Revenue with your correct PPSN.

You must also provide Revenue with the correct Irish Life Tax Reference Number. If you do not provide the Irish Life Tax Reference Number, it may result in you overpaying tax. 

Irish Life Tax Reference Numbers

The Irish Life Tax Reference Numbers are listed below. Please ensure that you provide the correct number to Revenue depending on the type of payment you receive.  If you have any questions in relation to the correct Irish Life Tax Reference Number to use, please contact Irish Life at 01-7041010.

0087900D - Annuities (Pension)/Taxable Cash or Trivial Pension on multi-member pension scheme

For a regular Annuity Payment, tax credits and rate bands should be allocated to Irish Life (Pension Payments) under tax reference number 0087900D.

This tax reference number, 0087900D is also used for payment of taxable lump sums or trivial payments which arise from a multi-member pension scheme.

4820009C - Taxable Cash/Trivial Payment (from a one member pension scheme, Individual PRSA or Personal Pension)

For once off taxable cash or trivial payment (subject to certain criteria), tax credits and rate bands should be allocated to Irish Life (ARF Payments) under tax reference number 4820009C.

4820009C - ARF/AMRF/Vested PRSA

For ARF, AMRF or Vested PRSA withdrawals and other taxable payments (subject to certain criteria), tax credits and rate bands should be allocated to tax reference number 4820009C.

 

What to do if you have more than one source of taxable income

You may have income from another source such as an occupational pension or employment.  In this case, your tax credits and rate bands may already be allocated against these other income sources. This may result in your Irish Life pension being taxed at the higher rate of tax and USC.

You may wish to reallocate or divide your tax credits and rate bands between your Irish Life pension and your other income sources.    The quickest and easiest way to do this is through myAccount, Revenue’s online service. Alternatively, you can request a reallocation of your tax credits and rate bands by contacting the PAYE Helpline at 01- 7383636.

Revenue will then provide access of your available tax credits and rate bands to Irish Life which will be used when calculating tax on your pension or other Irish Life product.

Further information can be found on www.revenue.ie.

If you have any questions in relation to the correct Irish Life Tax Reference Number to use, please contact Irish Life at 01-7041010.

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