Pensions industry first to suggest levy, says minister

THE Government has admitted some high earners will escape paying the new pension levy as their money is invested in special retirement schemes and not funds targeted under the charge.

Finance Minister Michael Noonan also revealed that the pensions industry itself had suggested introducing the controversial revenue-raising charge when he had been in opposition.

It emerged yesterday that people holding Approved Retirement Funds (ARFs) will not have to foot the 0.6% levy to help pay for the Jobs Initiatives.