Taxes Consolidation Act 1997 section 787F

Transfers to PRSAs

Section 787F provides that transfers into a personal retirement savings account from other pension products do not count as contributions for the purposes of tax relief.

• Where a contribution to a PRSA derives from the value of accrued rights under a retirement annuity contract, an approved scheme, or a statutory scheme, it is disregarded for relief purposes.
• A repayment of contributions that would otherwise fall within section 780(2) is similarly excluded where it is transferred into a PRSA.
• Such transfers are not taken into account for the purposes of section 787E (the earnings percentage limit on PRSA contributions).
• The rationale is that tax relief will already have been given on the original contributions to the pension product from which the transfer is made.