Quinn Life approved to provide new SSIA scheme

Quinn Life has announced that it is the first life company to be approved by the Revenue Commissioners as a provider of the new SSIA rollover Pension Incentive Tax Credit (PITC) scheme.

The incentive aims to encourage SSIA holders who have an income of less than €50,000 to transfer some or all of their SSIA into a pension.

"Those availing of a PITC should not consider any provider charging more than one per cent on the PITC contribution," according to Siobhan Gannon, general manager of Quinn Life.

"Otherwise they will find this valuable Government incentive will be eaten away over the years by charges."

As part of the PITC incentive, SSIA holders can transfer up to €7,500 of their SSIA into a pension and receive a one-for-three top-up from the Government (up to €2,500).

The second part of the incentive allows for a repayment of the SSIA exit tax paid on any amount of an SSIA rolled over into a PITC pension.

The PITC rollover must be made within three months of the individual's SSIA maturity date.

Quinn Life has an annual charge of one per cent on its European funds and it does not administer any other charges.