Ivana Bacik (Dublin Bay South, Labour)
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227. To ask the Minister for Finance his plans, if any, to carry out a full review of the levy imposed on private occupational pensions; the total revenue collected by the pension levy on pensions funds; and if there are plans to restore any of the monies collected. [45876/22]

Paschal Donohoe (Dublin Central, Fine Gael)
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As the Deputy is aware the pension fund levy was introduced in 2011 in the wake of the financial crash and at a time when the economy was in serious difficulties. All sectors of the economy had to contribute to the recovery plan and the levy was designed to claw back a small amount of the very generous tax reliefs that those contributing to pension arrangements had benefited from over many years. It was introduced to support the recovery of the wider economy and was time bound in duration. For the years 2011, 2012 and 2013, the rate was 0.60% of the pension scheme assets. For the year 2014, the rate was 0.75% of the assets and for the year 2015, the final year of the levy, the rate was 0.15%. The levy went to fund the tax reductions and expenditure measures introduced in the Jobs Initiative, including lowering the VAT rate for the tourism sector to 9%. The levy was successful and did its job as reflected in the increased activity and employment in that sector.

I am advised by Revenue that the amount of pension levy collected for the relevant years is as published on the Revenue website at www.revenue.ie/en/corporate/documents/statistics/receipts/stamp-duty-receipts.pdf

I have no plans to repay the levies paid on private pension funds. I do not consider it financially viable or appropriate that the savings achieved over the period of the financial emergency would be annulled, in whole or in part, by making retrospective payments. The value of the funds raised by way of the levies have been used to protect and create jobs and this has helped to support the improving financial and economic position of the State. Taxpayers who may have ultimately borne the impact of the levy will have since benefited from tax reductions in the last number of Budgets.