What does it mean that part of my savings is exempt from pension investment returns tax?

On 1 January 1983, tax was introduced on pension investment returns. This means that the part of your pension savings which was accumulated before 1 January 1983 is exempt from pension investment returns tax. 

Velliv calculates pension investment returns tax of the amounts accumulated after 1 January 1983 and of the interest on the amounts accumulated before 1 January 1983. 

You can see the current rate of interest on policyholders' savings before tax here. 

When you cash in your pension, you have to pay taxes as normally – regardless of whether your savings are exempt from pension investment returns tax.