Private pension funds today woke up to find they were victims of an audacious theft. Overnight they had been robbed of over €700 million.
The perpetrators were known to the victims. In fact they were the Irish government.
Since its inception in 2011, the infamous Pension Levy/Theft has netted the state over €2 billion, so it’s unlikely to be abolished anytime soon.
Experts estimate that the Levy costs the average worker over €390 a year. But because it doesn’t come out of your income, you’ll only realise you’ve been robbed much later when you retire.
As a result the Pension Levy doesn’t provoke the same outrage as the Property Tax or Water Charges but it’s just a lucrative for the government and much more insidious as it’s a tax on our futures.