Willie O'Dea (Limerick City, Fianna Fail)
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Question 22: To ask the Minister for Finance if he will undertake to conduct a review of the pension fund levy to measure its effectiveness following the first year of its operation; and if he will make a statement on the matter. [19294/12]

Michael Noonan (Limerick City, Fine Gael)
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The pension fund levy was introduced for a temporary 4 year period in order to fund the measures introduced as part of the Jobs Initiative in May 2011. These measures include the new temporary reduced rate of VAT of 9%, aimed primarily at the tourism sector, the halving of the lower rate of employers PRSI and small additional amounts of current and capital expenditure. The levy raised €463 million of its targeted €470 million in 2011 for the purposes outlined and has, therefore, very largely achieved its funding purpose for that year. I believe the pension fund levy is operating effectively. However, in common with other tax measures, its operation will be reviewed by me in the context of next year's Budget and Finance Bill.