Ireland’s Budget 2009, brought back two months to October 14, 2008, focuses on restoring public finances in a time of unprecedented global financial strife. Among key measures implemented is a reduction in the limit on personal contributions to pension products and employer-sponsored pension plans, placing an effective cap on maximum contributions to pension plans. The reductions apply to maximum employee contributions; maximum overall (i.e. combined employer and employee) contributions under occupational pension plans are not affected.
Measures implemented in this year’s Budget include:
The current economic crisis is taking its toll on the Irish government’s finances, and much of the 2009 Budget was aimed at decreasing its growing deficit. Many of these measures included spending cuts and increases in a wide range of taxes.