Sir, – When the current Government introduced the levy on private sector pension funds, I argued that any such levy should be paid from the exorbitant fees charged by pension providers. I proposed amendments in the Dáil to prevent the levy being passed on to pensioners and to contributors.
Labour and Fine Gael deputies voted down both amendments.
In the Dáil on October 18th, Taoiseach Enda Kenny said: “the excessive administration charges imposed by pension funds could absorb the vast majority of the temporary pension levy.” Yet the Government Bill specifically provided that the levy could be passed down.
This levy is now being paid by people on very small pensions and by contributors who have lost a huge portion of their expected pension.
The Labour Party has a special responsibility to those in occupational pension schemes as it has major trade unions in affiliation.
The Labour Party must now insist that the Act implementing the private sector pension levy be amended to prevent the levy being passed down to pensioners and contributors. – Yours, etc,