Opponents of a European Union financial-transactions tax say pension funds will be hurt even if their home governments don’t sign up.

Households across Europe will see retirement-planning costs rise if the EU imposes the transaction tax, according to APG, the largest Dutch pension fund. Brussels-based industry group PensionsEurope said the proposed tax, which aims to raise revenue for national governments, would have a heavy effect on taxpayers already reeling from bailout costs.

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