Central Bank and FSA staff lose pension levy challenge

CENTRAL Bank and Financial Service Authority employees have lost a High Court challenge to the Minister for Finance’s refusal to exempt them from the public service pension levy.

They claimed their pension scheme is like a private fund and the minister’s refusal to exempt them amounts to double or special taxation which is unconstitutional.

The Unite trade union and Paul Gallagher, chairman of its staff committee in the Central Bank and Financial Services Authority of Ireland (CBFSAI), brought the challenge against the minister and the AG. Mr Gallagher said the levy has cut his monthly pay by €405 on top of €312 per month he already pays towards his pension.