The Pension Levy

What is the Pension Levy?

It is an annual tax of 0.6% imposed on the market value of your pension in each of the years 2011, 2012, 2013 and 2014. It applies to all pension policies. 

In 2014 an extra levy of 0.15% was introduced. This means that the total pension levy in 2014 is 0.75% and the levy from 2015 on will be 0.15%.

Who introduced it and why?

The Government introduced the levy as they want to raise approximately €470 million each year to fund a jobs initiative that was announced in May 2011.

How is the levy calculated?

The levy is based on the market value of your Retirement Savings Account on the 30th June each year from 2011. The levy calculation is based on the Transfer Value of your pension fund at that date.

How will the levy be deducted?

  • Defined Benefit – the cost will be deducted from the overall value of the Scheme
  • Defined Contribution – the cost will be deducted from Retirement Savings Account
  • Pensioner – the cost will be deducted from your monthly payment

 



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