The purpose of this incentive is to encourage SSIA holders on lower incomes to put some or all of their SSIA proceeds on maturity into a pension product and to continue the savings habit through ongoing contributions to a pension.   The Pensions Incentive Tax Credits scheme commences on Thursday 1st June 2006. The first SSIAs mature on Wednesday 31 May 2006. Consequently, eligible SSIA holders will be able to re-invest their SSIA funds with effect from 1 June 2006.

For each €3 of SSIA funds that are invested, the Exchequer will contribute:

• an additional €1 up to a maximum of €2,500 contribution, and
• a proportion of the tax deducted from the SSIA when it matures

Click here for the leaflet on this topic issued by Revenue

The is the first in a series of updates for pension administrators and interested organisations regarding the new Pensions incentive tax credits (PITCs) scheme. This scheme, which is part of the Finance Act 2006, provides an incentive for SSIA holders to re-invest their funds after maturity into an approved pension product. Details of the incentive are available on the Revenue web site at www.revenue.ie. Please see the attached pdf document for the full update

Click here to download update 1

The is a second update. The eligibility criteria for entry has been simplified and details are provided in this update. A summary of the proposed administrative arrangements is also outlined in this update. Please see the attached pdf document for the full update

Click here to download update 2

This is the third update. Administrators seeking to register should call the contacts set out at end of this Update.

Click here to download update 3