Sir, – A private pension fund of €1 million will provide about €40,000 per year at age 60. The pension levy over four years will reduce this by fund by €25,500 (Three years at 0.6 per cent and one year at 0.75 per cent). Using these figures for ease of reference a person about to retire will have their pension reduced by €1,000 per year for the rest of their life while not being in a position to rebuild the fund at such a late stage. This compounds any significant losses in recent years and is very unfair.
Government employees should have similar reductions applied rather than escape as usual. The levy is unfair to people about to retire and has been largely ignored in the media. – Yours, etc,
JAMES EIVERS,
Blarney, Cork.