Noonan: Pension funds can absorb new levy

Noonan: Pension funds can absorb new levy

Finance Minister Michael Noonan has said he believes pension funds can absorb the new levy being imposed to pay for the Government's jobs initiative.

Last night Michael Noonan defended the move, saying the funds had benefitted from massive tax breaks, and it was not unreasonable to claw back some money from them.

The Government plans to take €470m from private pensions this year and for each of the next three years to pay for job creation measures.

The funds themselves are expressing concerns and Fianna Fáil has described the move as a "smash and grab" raid.

Mr Noonan said many funds had recovered in the last 15 months and that this levy would have little effect on their value.

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