ARTICLE · 22 NOVEMBER 2013

Budget 2014 – Changes To Pensions

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On 15 October 2013, the Minister for Finance introduced the Budget for 2014 (the "Budget"). Set out below is a summary of the changes introduced which relate to pensions.

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On 15 October 2013, the Minister for Finance introduced the Budget for 2014 (the "Budget"). Set out below is a summary of the changes introduced which relate to pensions.

The Pensions Levy

A new levy of 0.15% on the value of pension funds was introduced by Budget 2014. As this levy will come into effect from 1 January 2014, there will be an overlap between this levy, and the levy of 0.6%, which was introduced in 2011.

As the 0.6% levy is due to expire on 31 December 2014, a total levy of 0.75% will be payable from 1 January 2014 until 31 December 2014. The 0.15% levy will then continue to apply until 31 December 2015.

This new levy is effectively a reversal of the previously stated Government position that the pensions levy would end in 2014.

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