Ireland to Impose Levy on Pension Funds to Finance Jobs Plan

Ireland’s government will impose a temporary levy on domestic private pension savings to fund a jobs plan aimed at cutting unemployment and aiding the economic recovery.

The government plans to apply an annual 0.6 percent charge over four years on pension assets, excluding funds providing benefits to non-resident employers and members, Finance Minister Michael Noonan said in Dublin today. The move should generate 470 million euros ($675 million) a year, he said.