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Tag: Personal finance

THE PENSION LEVY – THE HARSH REALITY

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?

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THE PENSION LEVY – WHAT CAN YOU DO?

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.

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NEW PENSION LEVY?

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.

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TAX HIKES?

The good news is you can allegedly forget tax increases. The bad news is the Irish solution to an Irish problem – the LEVY – looks set to become even more ubiquitous.

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NEW PENSION LEVY?

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.

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MORTGAGE UPDATE

One in three homeowners who have taken out a mortgage since 2004 now find themselves in negative equity, according to Central Bank figures, The Sunday Business Post reports. The Central Bank estimates around one in eight of all Irish households are in negative equity but the figures rise dramatically for those who took out their mortgages more recently.

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WASTE CHARGES

Where there’s muck, there’s brass. And it would appear the government is intent in making more money from waste by raising charges for access to landfills, according to The Sunday Business Post.

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PENSION SLOW DOWN

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.

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