The Irish government has been trying to encourage people to cash in their pensions for years now, but it hasn’t been easy. The problem is that pensions in Ireland aren’t taxed like other forms of income. That means that people can keep all of the money they receive from their pension without paying any taxes on it.
That’s good news for retirees, but it’s bad news for the Irish government. The government earns a lot of money from taxes on ordinary income, and it doesn’t earn as much money from taxes on pensions.
So how do the Irish government try to encourage people to Cash in my pension? It offers tax breaks and subsidies to those who do, and it makes it easier for people to transfer their pension funds into other accounts outside of Ireland.