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The Occupational Pension Schemes (Levy Ceiling) Order (Northern Ireland) 2011
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- Northern Ireland Statutory Rules
- 2011 No. 122
- Explanatory Note
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EXPLANATORY NOTE
(This note is not part of the Order)
This Order, which corresponds to an Order (S.I. 2011/841) made by the Secretary of State for Work and Pensions under sections 178(1) and 315(2) and (5) of the Pensions Act 2004, specifies, for the purposes of Article 160 of the Pensions (Northern Ireland) Order 2005 (“the Order”), the levy ceiling for the financial year beginning on 1st April 2011.
Article 158 of the Order provides that the Board of the Pension Protection Fund must impose pension protection levies for each financial year falling after the initial period (as defined by Article 157 of the Order). Article 160 of the Order provides for the amount to be raised by the pension protection levies, subject to an annual ceiling.
Article 2 of this Order specifies that the levy ceiling for the financial year beginning on 1st April 2011 is £892,092,092.
Article 3 revokes the Occupational Pension Schemes (Levy Ceiling) Order (Northern Ireland) 2010.
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