It may have been well flagged by www.taxation.ie over the past weeks, but this weekend the front pages of the newspapers eventually caught up. The broadsheets are awash with the backlash generated by the Government’s unprecedented raid on private pensions to fund its Jobs Initiative announced on Tuesday.
Posts Tagged ‘Pensions’
And he hasn’t gone away, you know. Former Sindo business editor turned TD Shane Ross pens a caustic piece for his former employer expanding on his very public denunciations of pension fund managers in the dail chamber during the week.
The Sindo is nothing if not a broad church – it is one of the hallmarks of its enduring success. One of those to whom Ross is probably referring – the chief executive of Standard Life Ireland Nigel Dunne – writes elsewhere in the same newspaper of a need to rebalance the 0.6% grab to include public sector workers.
Whatever about the moral and constitutional repugnance of the proposals and the non-performance of fund managers who extract large fees, others have been busy getting to getting to grips with the bottom line. The Sunday Business Post reports private pension funds could drop in value by 21% if the new levy becomes a permanent fixture. And let’s face it, what Government is likely to voluntarily release its grip on any revenue stream, particularly given the situation in which this country finds itself for the foreseeable future?
On the broader issue, pensions experts are questioning if the €470m a year the Government will raise by the measure will damage the economy more than help it in its quest to create an unspecified number of jobs.