A stamp duty levy of 0.6% will be applied to the market value of assets under management in pension funds and pension plans approved under Irish tax legislation (occupational pension schemes, Retirement Annuity Contracts and Personal Retirement Savings Accounts).
· The value of theassets would be determined as at 1 January 2011, or on the last date of the accounting period ending in the twelve months preceding that date.
· The scheme will operate for a period of 4 years (2011 to 2014) with a view to raising yields of c. €470 million each year.
· The levy will not apply to the assets of pension funds in respect of the provision of retirement benefits to non-resident members.
· The levy will not apply to pension funds where the trustees have already passed a resolution (before 10 May 2011) to wind-up the fund and where the employer sponsors are insolvent and no longer in business.
· Legislative provision will have to be made to allow pension scheme trustees or administrators the option to adjust the benefits payable under pension schemes or plans.
· The chargeable persons for the levy will be the trustees or other persons (including insurance companies) having the management of the assets of the pension schemes or plans.
· The levy will be administered by the Revenue Commissioners. The levy will be payable in two tranches for each of the four years of its operation, including 2011.