Séamus Healy (Tipperary South, Workers and Unemployed Action Group)

I thank Deputy Ross for moving the amendments in my name. I am not convinced that we should be going down the road of imposing a levy on pensions. However, if it is to be done, the objective of these amendments is to ensure the charge is borne by the managers of pension funds rather than the beneficiaries. There is adequate information available to suggest that significant profits are being made at that level and that there are, for example, large differences in the percentage charged in Britain, where it can be as low as 0.5%, when compared with Ireland, where it can range as high as 1.5%. If the levy must be introduced it should be raised from the source which enjoys adequate income.

We must protect people on modest pensions from further reductions in income. They are already subject to the universal social charge and many other taxes. The Minister observed that people with ARFs are subject to other taxes, but that is also the case for people on modest pensions. Beneficiaries of pensions are already seriously taxed and the universal social charge is a significant burden on them. If the levy is passed on to beneficiaries it will represent a significant imposition on their already reduced incomes. Similarly, I believe this levy should not apply to contributors. My point is it should apply to the fund and not to the beneficiaries or the contributors.

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