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Gilmore takes on high pension fees

TANAISTE Eamon Gilmore said the Government won't put up with high pension charges.

Irish pension fund managers are among the worst performers in the world, it was claimed.

However, Irish investors are charged some of the highest fees of any European country.

Independent TD Shane Ross has called on the Government to scrap the controversial pension and replace it with a tax on administration fees instead.

Mr Gilmore admitted that charges were very steep.

He said the Cabinet would move to "ensure we have a pensions regime in this country that does not make managers rich and pensioners poor".

But the Tanaiste's pledge was dismissed by Mr Ross who said that by imposing a 0.6pc levy the Government had already "joined the pillaging". He noted that the levy was intended to raise €1.8m over four years.

Mr Ross noted that George Lee's Pension Shock programme on RTE had highlight significant administration charges and fees on pension funds.

"Our pension fund managers are among the worst performers in the world, they have made about the worst investment decisions in the world and they are among the highest chargers in the world," he said.

Mr Gilmore said a study was being undertaken into the level of charges in pension schemes and the lack of transparency.

kdoyle@herald.ie