Pension levy U-turn will again force the retired to downsize

Defined benefit pension schemes will once again have to recalculate and reduce entitlements for their members after the extension of the pension levy until 2014.

20th October, 2013

Defined benefit pension schemes will once again have to recalculate and reduce entitlements for their members after Minister for Finance Michael Noonan reneged on his pledge to end the pension levy in 2014 and extended it for two more years at a lower rate.

Trustees will now have to factor in even lower purchasing power for their schemes' assets when setting targets for investment returns. According pensions experts, many funds will have to cut benefits to...

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