Introduction Of Pension Levy

Author:Mr Duane Sylvester and Gaffney David
Profession:Coakley Moloney

The Finance (No. 2) Act, 2011 introduces a levy on pension schemes and equates to an annual stamp duty of 0.6% on the market value of assets under management in pension schemes.

The levy will initially apply for a period of four years (2011- 2014), but there is scope for this to be extended.

The levy applies to occupational pension schemes, personal retirement bonds and personal pensions. The chargeable persons for the levy are Trustees or Administrators of pension schemes and Life Offices having the management of the assets of pension schemes.

At present, it appears that the levy will not apply to ARFs or PRSAs from which the PRSA holder has...

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