2018 No. 38
The Pension Protection Fund and Occupational Pension Schemes (Levy Ceiling and Compensation Cap) Order (Northern Ireland) 2018
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 26A(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 26A(7) and 27(2) and (3) of Schedule 7 to, the Pensions Act 2004 F3.
Accordingly the Department for Communities F4 makes the following Order:
See section 1(7) of the Departments Act (Northern Ireland) 2016 (c. 5 (N.I.))
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) 2018 and shall come into operation—
a
for the purposes of this Article and Article 2, on 31st March 2018, and
b
for the purposes of Articles 3 and 4, on 1st April 2018.
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 2018 is £1,024,372,330.
The compensation cap3
The amount specified for the purposes of paragraph (a) of the definition of “the standard amount” in paragraph 26A(7) of Schedule 6 to the 2005 Order (pension compensation provisions – meaning of “the compensation cap”) is £39,006∙18.
Revocation4
The Pension Protection Fund and Occupational Pension Schemes (Levy Ceiling and Compensation Cap) Order (Northern Ireland) 2017 F5 is revoked.
Sealed with the Official Seal of the Department for Communities on 7th March 2018
S.I. 2005/255 (N.I. 1); paragraph 26A was inserted by paragraph 3 of Schedule 20 to the Pensions Act (Northern Ireland) 2015 (c. 5 (N.I.)); paragraph 27 was amended by paragraph 6 of Schedule 20 to that Act