Pension schemes to hand over millions to government

Retirement savers will see close to €100 million wiped off the value of their pension funds in the next ten days, as pension schemes hand over payment of a government levy on pensions to the Revenue Commissioners.

The levy on the value of assets in Irish pension funds was introduced in 2011 to fund the government’s jobs initiative, and initially applied for four years from 2011 until 2014.

The Minister for Finance Michael ...