There's an article in today's Irish Independent by Charlie Weston
http://www.independent.ie/business/...ell-end--for-private--provisions-1707439.html
Pension levy will spell end for private provisions
" ... In the Budget it was decided to impose a 1pc levy on contributions to all life assurance products. The provision was passed by the Oireachtas last Tuesday night.
As PRSAs (Personal Retirement Savings Accounts) and AVCs (additional voluntary contributions) and defined contribution schemes are all issued by life companies, people who contribute to these pension products will now be penalised.
The new levy, which is set to be imposed from June 1, will mean contributions will now have 6pc deducted for a combination of charges and the new levy.
The levy will also be applied retrospectively, meaning that it will impact existing PRSAs, not just those taken out after the Budget. "
Can anyone confirm if this is correct?
http://www.independent.ie/business/...ell-end--for-private--provisions-1707439.html
Pension levy will spell end for private provisions
" ... In the Budget it was decided to impose a 1pc levy on contributions to all life assurance products. The provision was passed by the Oireachtas last Tuesday night.
As PRSAs (Personal Retirement Savings Accounts) and AVCs (additional voluntary contributions) and defined contribution schemes are all issued by life companies, people who contribute to these pension products will now be penalised.
The new levy, which is set to be imposed from June 1, will mean contributions will now have 6pc deducted for a combination of charges and the new levy.
The levy will also be applied retrospectively, meaning that it will impact existing PRSAs, not just those taken out after the Budget. "
Can anyone confirm if this is correct?