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There are two differences between funding by levy and funding from the EU budget.

First, the budget is financed by all EU citizens, the levy by pension funds, therefore those saving for a pension. The higher a member-state's participation rate, the heavier the impact of the levy. However, high participation rates are supposed to be good, not punishable by tax.

Second, the budget has an oversight process, involving member states and parliament. A levy is not restricted in any way by oversight. It is an invitation to overspend.

Since EIOPA routinely ignores the interests of DB pensions, it would be nothing more than justice to exempt pension funds from this tax. Fat chance.

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