Retired worker fails in claim that his pension fund income was taxed twice over

A retired high earner has lost out in a €208,797 tax battle with the Revenue Commissioners over his pension which was valued at €2.56 million.

Retired worker fails in claim that his pension fund income was taxed twice over. A retired high earner has lost out in a €208,797 tax battle with the Revenue Commissioners over his pension which was valued at €2.56 million. The Tax Appeals Commission (TAC) rejected the taxpayer’s claim that he was not liable for €208,797 in chargeable excess tax on his pension fund as it amounted to double taxation. In 2024, when the man retired after 42 years with a public sector company where he was a member of a public sector defined benefit, occupational pension scheme, he had a pensionable salary of €191,034. That meant he was entitled to a lump-sum payment of €286,551 and an annual pension of €95,517. When the employer applied the provisions of the Taxes Consolidation Act 1997 to determine the capital value of his defined benefit pension, it exceede...