Richard Bruton (Dublin Bay North, Fine Gael)
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195. To ask the Minister for Finance the value of the moneys raised from private pension funds in each of the years during which the emergency pension levy applied; the estimated number of fund members who were affected by the levy; the way that the pension payments to members were affected; if these funds have recovered any of the sums contributed with the recovery of the economy; and if he will make a statement on the matter. [56147/22]

Paschal Donohoe (Dublin Central, Fine Gael)
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I am advised by Revenue that an annual levy was charged on pension schemes from 2011 to 2015 in accordance with section 125B of the Stamp Duties Consolidation Act 1999. The levy was introduced in the wake of the financial crash, at a time when the economy was in very serious difficulties. It was charged on the market value of assets in pension schemes held on 30 June in each year, at a rate of 0.6% (2011 to 2013), 0.75% (2014) and 0.15% (2015). Liability for the levy rested with trustees of pension schemes and others responsible for the management of pension fund assets. It was discontinued from 2016.

The annual yield for each year that the levy applied is as follows.

Section 125B provided that the person who was liable to pay the levy on behalf of the pension scheme, referred to as the “chargeable person”, was entitled to dispose of, or use, scheme assets for the purposes of discharging the amount of the levy payable. However, Revenue does not have any data on the number of fund members who were affected by the levy or the way that the pension payments to members were affected.

In relation to the Deputy’s question as to whether the pension funds concerned have recovered any of the sums contributed with the recovery of the economy, it was never the intention that any levy payments would be repaid when the economy recovered, as is the case with any other tax or duty that was paid in the wake of the financial crisis.

It should be noted that Revenue continues to receive small amounts of levy in relation to the years where the levy applied. From 2016 to 2021 approximately €800,000 was received.