€140m pension raid signals end of levy

The Government’s pension levy haul yesterday passed the €2.3bn mark as a further €140m was raided from private sector pension funds.

The final application of the controversial levy first introduced in 2011 is likely to be greeted with derision and relief in equal measure by pension holders across the country.

While the latest extraction of funds is a mere drop in the ocean in the overall context of the levy windfall, it is impact will continue to be felt for years to come, according to Irish Association of Pension Funds chief executive Jerry Moriarty.