2020 No. 28
The Pension Protection Fund and Occupational Pension Schemes (Levy Ceiling and Compensation Cap) Order (Northern Ireland) 2020
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 20051.
The Secretary of State for Work and Pensions has made an Order2 under section 178 of, and paragraphs 26A(7) and 27(2) and (3) of Schedule 7 to, the Pensions Act 20043.
Accordingly the Department for Communities4 makes the following Order:
Citation, commencement and interpretationI1I11
1
This Order may be cited as the Pension Protection Fund and Occupational Pension Schemes (Levy Ceiling and Compensation Cap) Order (Northern Ireland) 2020 and shall come into operation—
a
for the purposes of this Article and Article 2, on 31st March 2020, and
b
for the purposes of Articles 3 and 4, on 1st April 2020.
2
In this Order “the 2005 Order” means the Pensions (Northern Ireland) Order 2005.
The levy ceilingF12
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
The compensation capI23
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 £41,461∙07.
RevocationI34
The Pension Protection Fund and Occupational Pension Schemes (Levy Ceiling and Compensation Cap) Order (Northern Ireland) 20195 is revoked.
Sealed with the Official Seal of the Department for Communities on 9th March 2020
(This note is not part of the Order)