The transfer of retirement funds: Anomalies no more

However, the Budget notes that currently, the transfer of fund amounts between, or within, retirement funds at the same employer has inadvertently led to a tax liability for members, due to the current wording of the legislation. In principle, there should be no additional tax consequence for members if the transfers refer to amounts that have already been contributed to the retirement fund. The Budget therefore proposes that legislative amendments will be retrospectively introduced to correct these unintended tax liabilities. This proposed amendment is likely to be welcomed by all persons who have contributed to a retirement fund, especially as it will likely apply retrospectively.