Robert Dowds (Dublin Mid West, Labour)
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Question 173: To ask the Minister for Finance if he will report on his recent discussions with the pensions industry regarding the industry's ability to absorb the cost of the pension levy, and if he will report on the outcome. [18752/11]

Robert Dowds (Dublin Mid West, Labour)
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Question 174: To ask the Minister for Finance his plans to mount a public awareness campaign in the media to advise pensioners of the levy and its implications; and if so, if he will give details of that campaign. [18753/11]

Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 173 and 174 together.

In late May, I met a number of bodies representing the pension fund industry to discuss the 0.6% levy on pension scheme assets introduced to pay for the Jobs Initiative. I outlined my contention at those meetings that the cost of the levy be absorbed by a reduction in the fees and charges made by their members. In June, I wrote to the same representative bodies reiterating my contention and asking for their comments. I have received a response from one of the representative bodies concerned. The response indicates that the question of the absorption of the cost of the levy into existing fees and charges is a matter for individual companies in respect of the pension schemes and personal pension plans to which they provide services. The letter went on to say that the scope for those companies to absorb the levy is extremely limited. I will await developments in the coming months to see if the pension fund administrators and providers have absorbed any of the pension fund levy this year. In the light of those developments, I intend to pursue the matter further with them in the Autumn. As regards a public awareness campaign, the recently enacted Bill giving effect to the levy was substantially debated in this House and in the Seanad as well as being widely reported on in the media. I see no need for a media campaign and I have no plans for such.