1. These Regulations may be cited as the Public Service Pensions (Employer Cost Cap) Regulations (Northern Ireland) 2015, and come into operation on 1 April 2015.
2. In these Regulations, a “relevant scheme” means a defined benefits scheme (and any connected scheme) to which section 12 of the Public Service Pensions Act (Northern Ireland) 2014 applies.
3. The cost of the relevant scheme must remain within the following margins—
(a)an upper margin, being a rate of 2 percentage points above the employer cost cap of the scheme; and
(b)a lower margin, being a rate of 2 percentage points below the employer cost cap of the scheme.
4. For cases where the cost of a relevant scheme exceeds the upper margin set out in regulation 3, or falls below the lower margin set out in regulation 3, the target cost will be the same as the employer cost cap of the scheme.
Sealed with the Official Seal of the Department of Finance and Personnel on 19 January 2015.
(L.S.)
Grace Nesbitt
A senior officer of the
Department of Finance and Personnel