Private pension levy hits workers for €2.39bn

The Government hit workers’ private pensions for close to €2.4bn over a five- year period through its much-maligned pension levy, new figures reveal.

Since its introduction by Finance Minister Michael Noonan in 2011, the levy has faced fierce criticism which continued into this year when it again surpassed Government expectations, taking more from workers than initially anticipated.

The Government enjoyed a €34m additional windfall this year as receipts from the levy amounted to €169m; comfortably surpassing the €135m it was anticipated to deliver.