Statutory Rules of Northern Ireland
Pensions
Made
25th February 2015
Coming into operation
31st March 2015
This Order is made in exercise of the powers conferred by Articles 161 and 287(3) of the Pensions (Northern Ireland) Order 2005(1).
The Secretary of State for Work and Pensions has made an Order(2) under section 178 of the Pensions Act 2004(3).
Accordingly the Department for Social Development makes the following Order:
1. This Order may be cited as the Pension Protection Fund and Occupational Pension Schemes (Levy Ceiling) Order (Northern Ireland) 2015 and shall come into operation on 31st March 2015.
2. For the purposes of Article 160 of the Pensions (Northern Ireland) Order 2005 (amounts to be raised by the pension protection levies), the levy ceiling for the financial year beginning on 1st April 2015 is £947,610,293.
3. Article 2 of the Pension Protection Fund and Occupational Pension Schemes (Levy Ceiling and Compensation Cap) Order (Northern Ireland) 2014(4) is revoked.
Sealed with the Official Seal of the Department for Social Development on 25thFebruary 2015
(L.S.)
Anne McCleary
A senior officer of the Department for Social Development
(This note is not part of the Order)
This Order, which corresponds to provisions of an Order (S.I. 2015/66) made by the Secretary of State for Work and Pensions under section 178 of the Pensions Act 2004, specifies, for the purposes of Article 160 of the Pensions (Northern Ireland) Order 2005 (“the 2005 Order”), the levy ceiling for the financial year beginning on 1st April 2015.
Article 158 of the 2005 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 2005 Order). Article 160 of the 2005 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 2015 is £947,610,293.
Article 3 makes a revocation.