Pension 'loophole' allowed employers to transfer millions into funds for family members, review finds

Revenue said in nearly 80% of cases, the employee that benefitted was personally connected to the employer 'ie owner or spouse, child, [or] parent'.

A Revenue review of a glaring pension loophole found some businesses were transferring more than €500,000 a year into funds for the owner, their spouse, their children, or parents.

An analysis of suspected misuse of the PRSA scheme found that in 2023, 125 companies had moved at least €100,000 into someone’s pension fund to benefit from generous tax relief.