Written answers

Thursday, 11 December 2014

Photo of Michael McGrathMichael McGrath (Cork South Central, Fianna Fail)
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79. To ask the Minister for Finance the implications for the pension fund levy of 0.15% that applies in 2014 and 2015 from the proceeded settlement with a company's pensioners (details supplied); and if he will make a statement on the matter. [47689/14]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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In Budget 2014 and in the Finance (No 2) Act 2013, I introduced an additional levy on pension funds at 0.15% for 2014 and 2015 to help fund the Jobs Initiative and to make provision for potential State liabilities emerging from pre-existing or future pension fund difficulties. The yield from the additional levy in these years forms part of general tax revenue of the Central Fund and is not hypothecated to any particular or specific item of expenditure.

A case linked to the details supplied with the question is currently before the High Court and is scheduled for hearing in January 2015. In the meantime, whilst my colleague, the Tánaiste and Minister for Social Protection, Ms Joan Burton, has made me aware of progress made in efforts to mediate a solution, as all parties involved have not yet had an opportunity to consider proposals, it would not be appropriate to comment further on matters arising in relation to the particular pension schemes.

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