Extra levy on pensions would be ‘unfair’

A pensions expert has said it would be “grossly unfair” on members of defined contribution schemes if the Government were to impose a another pension levy on all schemes to fund the insolvent ones.

Samantha McConnell, chief investment officer with IFG corporate pensions, pointed out that a 0.6% levy already exists on pensions which is raising over €2bn for the exchequer each year for the duration of the four years of its existence.

She said based on the €48bn size of defined benefit assets at the end of the year, if another levy of the same size were to be introduced it would raise €288m.