59. Deputy Olivia Mitchell asked the Minister for Finance the situation affecting existing employees of Permanent TSB whose insolvent fund was wound up in May last, but who now find themselves part of a defined contribution scheme as a result of bank efforts to reduce its cost by 8% as requested by him, and consequently find their greatly depleted funds are liable for the pension levy, though the fund itself still has all the liabilities of a defined benefit pension for existing retirees; and if he will consider an exemption for those nearing retirement in view of the fact that they meet two of the three requirements for exemption to the tax under the Protection of Employees Employment Insolvency Act 1984. [51339/13]

Summary

59. Deputy Olivia Mitchell asked the Minister for Finance the situation affecting existing employees of Permanent TSB whose insolvent fund was wound up in May last, but who now find themselves part of a defined contribution scheme as a result of bank efforts to reduce its cost by 8% as requested by him, and consequently find their greatly depleted funds are liable for the pension levy, though the fund itself still has all the liabilities of a defined benefit pension for existing retirees; and if he will consider an exemption for those nearing retirement in view of the fact that they meet two of the three requirements for exemption to the tax under the Protection of Employees Employment Insolvency Act 1984. [51339/13]

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• Pensions Levy

  xml · EN · 3 December 2013

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