2012 No. 99
The Pension Protection Fund and Occupational Pension Schemes (Levy Ceiling and Compensation Cap) Order (Northern Ireland) 2012
Made
Coming into operation in accordance with Article 1(1)
This Order is made in exercise of the powers conferred by Articles 161 and 287(3) of, and paragraphs 26(7) and 27 of Schedule 6 to, the Pensions (Northern Ireland) Order 2005 F1.
The Secretary of State for Work and Pensions has made an Order F2 under section 178 of, and paragraphs 26(7) and 27(2) and (3) of Schedule 7 to, the Pensions Act 2004 F3.
Accordingly the Department for Social Development makes the following Order:
Citation, commencement and interpretation1
1
This Order may be cited as the Pension Protection Fund and Occupational Pension Schemes (Levy Ceiling and Compensation Cap) Order (Northern Ireland) 2012 and shall come into operation—
a
for the purposes of this Article, Article 2 and Article 4(a), on 31st March 2012, and
b
for the purposes of Articles 3 and 4(b), on 1st April 2012.
2
In this Order “the 2005 Order” means the Pensions (Northern Ireland) Order 2005.
The levy ceiling2
For the purposes of Article 160 of the 2005 Order (amounts to be raised by the pension protection levies), the levy ceiling for the financial year beginning on 1st April 2012 is £918,854,855.
The compensation cap3
The amount specified for the purposes of paragraph (a) of the definition of “the compensation cap” in paragraph 26(7) of Schedule 6 to the 2005 Order (pension compensation provisions) is £34,049∙84.
RevocationsI1I24
The following Orders are revoked�??
a
the Occupational Pension Schemes (Levy Ceiling) Order (Northern Ireland) 2011 F4;
b
the Pension Protection Fund (Pension Compensation Cap) Order (Northern Ireland) 2011 F5.
Sealed with the Official Seal of the Department for Social Development on 7th March 2012
S.I. 2005/255 (N.I. 1); see paragraph (a) of the definition of “the compensation cap” in paragraph 26(7) of Schedule 6