Joan Burton (Dublin West, Labour) | Oireachtas source

The pension levy now has two parts. The original pension levy of 0.6%, the proceedings from which have been applied to the job creation fund of 2011, is due to end in 2014. In providing for the budget for 2014 the Minister for Finance proposed and introduced an additional levy of 0.15% and indicated this would will meet the obligations which would fall on the State. In this instance, the arrangement is to provide funding from the Central Fund for the trustees. It means that the State is creating a legal obligation to fund the shortfall, as required in the legislation. This is good and it is up to the levels indicated by the EU directive at 50%. The 0.6% levy the Minister instituted will end next year and the 0.15% levy has been introduced. I do not believe the Minister has made any specific comment on its expected duration.