Taxes Consolidation Act 1997 section 848W

Transfer of funds on maturity of SSIA

Section 848W sets out the conditions an individual must satisfy to avail of the incentive under this Part for transferring matured SSIA funds into a pension product.

• The individual's gross income for the year immediately before the year in which the SSIA matures must not exceed €50,000, and none of the individual's taxable income for that year can be chargeable at the higher rate of tax.
• Within three months of the SSIA maturity date, the individual must furnish the maturity statement to a pension administrator, make a declaration under section 848X, and subscribe all or part of the net SSIA funds as a pension subscription (being an additional voluntary contribution, a PRSA contribution, or a premium under an annuity contract).
• The individual cannot claim a tax deduction in respect of the first €7,500 of the pension subscription, the tax credit, or the additional tax credit relating to the subscription.
• The individual must not reduce any existing pension contributions in the year in which he or she becomes entitled to tax credits under section 848Y.