Private pension holders to bear the cost of new levy

PRIVATE pension holders will bear the cost of the controversial new levy after Finance Minister Michael Noonan gave the green light to fund managers to pass on the charge to customers.

The complicated legislation giving effect to measures announced in the Jobs Initiative was published yesterday, outlining details of the 0.6% pension levy which the Government believes will raise €1.9 billion to fund its employment plan.

Defending the tax in the Dáil last week, Taoiseach Enda Kenny said: “This is not a tax on any individual pension, it is a levy on the funds.”