A 0.5% levy on private pension funds rather than any increases in income taxes will be the main funding tool for the Government’s €500m jobs initiative to be published next month, according to The Sunday Times.
Posts Tagged ‘Pensions’
Only 13% of employers believe the Government can tackle Ireland’s pension problems, according to a report of a recent survey in The Sunday Business Post.
Investment in group and self-employed pensions slumped last year amid an overall decrease of 11% in new business, according to the latest figures from The Irish Insurance Federation.
Wealthy individuals are diverting some of their retirement savings away from pensions following the Budget crackdown on pensions that places a punitive tax on funds greater than €2.3m, says The Sunday Times. Pension funds with more than this amount are subjected to tax at 69% charged at retirement and on withdrawal of the funds.
The value of Irish pension funds grew by 4% last year to €75 billion, despite the tough economic climate, The Sunday Business Post reports.
Research to be published this week by the Irish Association of Pension Funds shows a growth rate of almost 10% for 2010 but this was diluted by an overstated overall figure for 2009. The research also shows the migration of funds from equities towards bonds by defined benefit schemes in particular.