The Pension Protection Fund and Occupational Pension Schemes (Levy Ceiling and Compensation Cap) Order (Northern Ireland) 2012

Citation, commencement and interpretation

1.—(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 ceiling

2.  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 cap

3.  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.

Revocations

4.  The following Orders are revoked—

(a) the Occupational Pension Schemes (Levy Ceiling) Order (Northern Ireland) 2011(1);

(b) the Pension Protection Fund (Pension Compensation Cap) Order (Northern Ireland) 2011(2).

Sealed with the Official Seal of the Department for Social Development on 7th March 2012

(L.S.)

Anne McCleary

A senior officer of the Department for Social Development