The 4 year ‘temporary’ pension levy has been introduced in an unfair way. The people with the best pensions, Ministers, Senior Public Servants and Judges pay nothing while those with the lowest Direct Contribution pensions pay more. This is very unfair on private sector workers most of whom are on DC pensions.
Those with the second best pensions, Direct Benefit, will have the levy cost paid by the employer. DB schemes are mostly in the Semi- States and Banks as only they can afford them. Taxation should treat all workers equally rather than these 3 different ways.
Most private sector workers have very low pensions and these small funds should have been exempt but with a higher levy for larger funds. The rates should have been tiered.
I wrote to the Minister of Finance in March pointing out these two unfair aspects and am annoyed the Pension Levy has not been made fairer.