Over in The Sunday Times, veteran pensions watcher Jill Kerby has already moved on to the possible implications for other savings and describes Government “black propaganda” on the issue as Orwellian.
Posts Tagged ‘Pensions’
The obvious answer is “not much” but The Sunday Times does advise some possible ways of mitigating the damage of the levy.
“If you can afford to top up your pension you must do so before the end of 2011 because the government is likely to curb tax relief on contributions, on top of the new levy,” writes personal finance editor, Niall Brady.
On Tuesday 10th May 2011, the Minister for Finance announced the introduction of a new tax. It is called a Pension Levy and will be applied on Private Pension Scheme assets. It was included in the government’s announcement on a Jobs Initiative.
The pensions industry may mount a legal challenge to Government proposals to take €450m a year from private pensions to fund its Jobs Initiative, The Sunday Times reports.
The Government will set tax relief on pension contributions at 33% in a reversal of the previous administration’s decision to cut them progressively from 41% to 20%, The Sunday Times reports.