Sir, – It is a mere six years since the last tranche of money was taken out of the private pension schemes by the Government. In the 2022 budget, the Government announced its decision to introduce an auto-enrolment scheme for pensions. This will build up a massive pot of money for the government of the day to dip into when the next crisis arises.
The levy was introduced in 2011, supposedly for four years but it was increased, extended, and only finally abolished in 2016.
This action was taken by the government at a time when the majority of pension schemes were in a lot of trouble due to the recession. This meant a lot of companies and workers having to put more money into their scheme to keep it solvent, which also had an added bonus for the government, which received millions more than anticipated.
I retired on a small private pension in 2013 but by the time the levies were finished, I found myself practically 3 per cent worse off for the rest of my life.
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I would warn people to beware of an auto-enrolment scheme, its terms and conditions and the Government advocating it, which includes a lot of the same people who were in power when the levy was introduced. – Yours, etc,
PADDY HENNESSY,
Crumlin,
Dublin 12.
