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The Minister for Finance and Minister for Public Expenditure and Reform have today announced details of Budget 2022.  Given the budgetary preparation process is far more transparent than it has been in the past, there were no real surprises announced that hadn’t already been published by the media, specifically around social welfare and state pension increases. 
 
Given there were no significant amendments to pensions in recent budgets, we expected to see some changes announced this year. Following on from the Government’s proposals to reform and simplify the pensions landscape, we understand that measures specifically relating to PRSAs and AMRFs will be addressed in the Finance Bill, which is due to be published on or around 21st October.   
 
The main changes are as follows:
  • An increase of €1,500 in the income tax standard rate band for all earners
  • An increase in the Personal, Employee & Earned Income Tax Credit from €1,650 to €1,700
  • Ceiling of the second USC rate band will be increased from €20,687 to €21,295
  • 1-year extension of reduced rate of USC for medical card holders
  • Weekly income threshold for higher rate of employer’s PRSI will increase from €398 to €410
  • €5 increase in main welfare payments and State pension
  • Living Alone Allowance to be increased by €3
  • Fuel Allowance to be increased by €5 
Attached is our Pension and Tax Facts document which has been updated to reflect relevant changes
 
If you have any questions, please email technicalsolutions@standardlife.ie
Pension and Tax Facts
There's a lot to look forward to
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Standard Life International dac is regulated by the Central Bank of Ireland. Standard Life International dac is a designated activity company limited by shares and registered in Dublin, Ireland (408507) at 90 St Stephen’s Green, Dublin 2. Standard Life International dac is part of the Phoenix Group.

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