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ARTICLE · 05 JULY 2011

The Pension Levy, June 2011

Arthur Cox
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a levy of 0.6% of the value of pension scheme assets (excluding contingent assets) will have to be paid on or before 25 September 2011 and annually thereafter for a further three years.

IrelandEmployment and HR
Philip Smith
Philip Smith
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The key points to note in relation to the pension levy are:

  • a levy of 0.6% of the value of pension scheme assets (excluding contingent assets) will have to be paid on or before 25 September 2011 and annually thereafter for a further three years;
  • insurance companies are responsible for the payment where the assets are held in an insurance contract and have the power to reduce benefits as if the levy were an expense;
  • trustees/investment managers are jointly responsible for the levy in respect of assets which are not held in an insurance contract;
  • trustees will seek reimbursement from the employer in most cases and it is likely the employer will request the trustee to reduce benefits in proportion to the levy in most cases - the outcome will depend on the circumstances of the scheme and the employer.

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