What Is The Pension Levy ?
From 01/03/2009 a pension levy was introduced for Public Sector employees and deductions are made from your salary in respect of this.
This levy is formally known as the Pension Related Deduction (PRD) and was introduced in the Financial Emergency Measures in the Public Interest Act 2009.
Please note that no pension benefits whatever accrue from the PRD.
Where a person leaves employment within two years and neither transfers to another public service employment nor retains any preserved pension benefits, they are due a refund of both their pension contributions, as at present, and their Pension Related Deductions, less any statutory deductions (tax, PRSI, etc). The employer will issue a P45 and a “nil” Pension Related Deduction statement to the employee.
Where a person leave employment after more than two years the employer will issue a P45 and a Pension Related Deduction statement to the employee. Both of these documents should be given to the new employer.
Pension-Related Deduction from the Remuneration of Public Servants – FAQs
For further information on the PRD please click link below:
PRD Rates Effective from 1st January 2016:
PRD Rates Effective from 1st January 2017: