New pension levy to hit all workers

[mmrebel]

A "sneaky" new pension levy of one per cent is due to come into effect on August 1, hitting thousands of workers and self-employed people who are also set to have their pension tax relief halved on October 31.

The levy, which was buried in last October's emergency Budget, will almost certainly force many pension fund managers to demand greater contributions from pension holders to maintain fund solvency.

However, with many firms unlikely to be willing to make this contribution, that burden will undoubtedly fall on employees.

The August deadline has led to a last-minute rush by private pension holders to top up their funds in time to avoid the levy -- an option not available to the PAYE worker.

Former Finance Minister Charlie McCreevy said that Ireland is at the limit of taxation and any further increases could prove fatal to the Irish economy.

The pending levy has been heavily criticised by the pensions industry, economists and the opposition parties.

Standard Life and a number of other leading pension providers have issued warnings about the levy on their websites, detailing what it means for policy holders.

Individuals on defined benefit pensions will not be immediately affected.

However, the levy will impact on the ability of their funds to cover the liabilities to their pension members.

Read more
New pension levy to hit all workers - National News, Frontpage - Independent.ie

Another stealth tax , another kick in the nuts for those who where told to avoid the pensions time bomb and take out a pension and do the right thing.

[anlkestony]

And the killing of ordinary workers will continue. where do these dummy-heads come up with such policies. Enccouraging private pensions should be the order of the day

[robert151410]

And so it begins

[lifeisagame]

I am weary of all this "woe is me" bleating about Ordinary Workers. What the hell do you want to do about it? Are you going to sit there until you get the next hit and then the one after?
One man almost brought this country to a standstill, Eamon Devoy, with the Electricians dispute, which they should have lost. Why did they win? Because they put it up to Cowen and Co who ran as far away as possible.
How far are you prepared to go to stop the madness?????

[hopi watcher]

All tax allowances for luxuries such as private pensions, private health insurance, private tuitions fees etc should be scrapped and not just because of the current mess we are in but because they are unfair on those taxpayers who cannot afford to buy them but must, through their taxes, subsidise them.
BTW, Jim Power is Margaret Thatcher's son who was sired by Brian Harney when she come over to receive the teapot from Charlie. The DNA test proved he is not Charlie's.

[birthday]

Hopefully the December budget will standardise tax relief on private pensions at the marginal rate.

[hopi watcher]

Hopefully the December budget will standardise tax relief on private pensions at the marginal rate.

Yeah, while those living on buttons will have their allowances cut. Whatever we do, we must make sure the most vulnerable carry the can!!!

[lifeisagame]

Wow, what a rush of ideas to stopthe madness, we even got "hopefully" now that will shake them.
It is sad to watch the pathetic bleating of the Lambs for Slaughter at the hands of cowards that hide in offices and introduce tax after tax. The same cowards that hide behind Dail Privilege.
Stand up and show them you are not Lambs

[birthday]

Yeah, while those living on buttons will have their allowances cut. Whatever we do, we must make sure the most vulnerable carry the can!!!

It is the most vulnerable who are subsidising the over -generous pension reliefs of those who pay tax at the higher rates.

[Wakeupcall]

Wow, what a rush of ideas to stopthe madness, we even got "hopefully" now that will shake them.
It is sad to watch the pathetic bleating of the Lambs for Slaughter at the hands of cowards that hide in offices and introduce tax after tax. The same cowards that hide behind Dail Privilege.
Stand up and show them you are not Lambs

Tigers, rraaaaaaaaaarr...

Cheap credit and handouts from the EU in order for them to take control of us. We have been proven as docile lambs already... Pathetic.