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Retirement benefits.
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16.— (1) Part 30 of the Principal Act is amended—
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(a) in section 787O(1) by substituting the following for the definition of “B” in the formula in paragraph (b) of the definition of “ personal fund threshold ” and “ standard fund threshold ”:
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“B is—
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(i) the earnings adjustment factor which may be designated in writing by the Minister for Finance in December of the year of assessment preceding the relevant year, a note of which shall be published as soon as practicable in the Iris Oifigiúil, or
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(ii) where no earnings adjustment factor is designated by the Minister for Finance, 1;”,
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and
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(b) in section 790A—
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(i) by substituting the following for subsection (2):
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“(2) For a year of assessment (in this subsection referred to as the ‘relevant year’) after the year of assessment 2006 the earnings limit shall be an amount equivalent to the amount determined by the formula—
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A × B
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where—
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A is the earnings limit for the year of assessment immediately preceding the relevant year, and
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B is—
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(i) the earnings adjustment factor which may be designated in writing by the Minister for Finance in December of the year of assessment preceding the relevant year, a note of which shall be published as soon as practicable in the Iris Oifigiúil, or
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(ii) where no earnings adjustment factor is designated by the Minister for Finance, 1.”,
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and
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(ii) by inserting the following after subsection (2):
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“(3) Notwithstanding subsection (2), for the purposes of subsection (1) the earnings limit for the year of assessment 2009 shall be €150,000.”.
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(2) (a) Subject to paragraphs (b) and (c), subsection (1) has effect as on and from 1 January 2009.
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(b) Paragraph (a) of subsection (1) is deemed to have effect as on and from 7 December 2005.
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(c) Paragraph (b)(i) of subsection (1) is deemed to have effect as on and from 1 January 2006.
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