2015 No. 12
The Public Service Pensions (Employer Cost Cap) Regulations (Northern Ireland) 2015
Made
Coming into operation
The Department of Finance and Personnel, in exercise of the powers conferred by section 12(5) of the Public Service Pensions Act (Northern Ireland) 20141 and after consultation with persons or representatives of such persons as appear to the Department likely to be affected, as required by section 12(10) of that Act, makes the following Regulations:
Citation and commencementI11
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.
InterpretationI32
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.
Specified marginsI23
The cost of the relevant scheme must remain within the following margins—
a
an upper margin, being a rate of F13 percentage points above the employer cost cap of the scheme; and
b
a lower margin, being a rate of F23 percentage points below the employer cost cap of the scheme.
Target costI44
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.
(This note is not part of the Regulations)