SSIA holders told file papers or miss out
Revenue said SSIA holders must fill out and sign an SSIA declaration form and return to it to their SSIA provider by maturity date in order to retain the 25% addition to their savings from the Government.
Savers who contributed the maximum €254 every month but who fail to meet Revenue’s requirements would see the value of their account fall from over €20,000 to €15,000.
Insurance providers Quinn Life said there are still people who have yet to submit their declaration forms just weeks away from the deadline.
Revenue said savers need to complete a declaration when they make their last SSIA payment and account holders who fail to fill in the form on time and confirm they had complied with scheme rules would lose 23% of their savings.
A saver who opened an account when the scheme began in May 2001 will have until May 31 to return the SSIA4 form to their providers.
It requires savers to confirm in writing that they had only one SSIA account, that they remained resident in Ireland for tax purposes throughout the account’s five-year lifetime and they did not borrow the money to invest or use the SSIA account as security for a loan.
Revenue said banks and other SSIA providers would supply savers with the necessary forms.
Quinn Life said 92% of its May maturity declarations have already been returned.
General manager Siobhan Gannon said: “SSIA holders should return the form as soon as possible otherwise there is a possibility of forgetting to send it and losing out on a potentially large amount of money.”
According to Quinn Life, SSIA equity funds, if one started an SSIA in May 2001 and contributed €254 per month, are currently worth €19,046.
If one started an SSIA in April 2002 and contributed €254 per month, the contribution plus Government bonus is currently worth €15,554.
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