Ireland to Impose Levy on Pension Funds to Finance Jobs Plan
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Ireland’s government will impose a levy on domestic private pension savings, raising as much as 1.9 billion euros ($2.7 billion) to finance a job-creation program.
The government plans to apply an annual 0.6 percent charge over four years on pension assets, excluding funds providing benefits to non-resident employers and members, Finance Minister Michael Noonan said in Dublin yesterday. The move should generate 470 million euros ($675 million) a year, he said, adding pensions had received “massive” tax breaks in the past.