1.—(1) This Order may be cited as the Pension Protection Fund and Occupational Pension Schemes (Levy Ceiling and Compensation Cap) Order (Northern Ireland) 2016 and shall come into operation—
(a)for the purposes of this Article and Article 2, on 31st March 2016, and
(b)for the purposes of Articles 3 and 4, on 1st April 2016.
(2) In this Order “the 2005 Order” means the Pensions (Northern Ireland) Order 2005.
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 2016 is £981,724,264.
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 £37,420∙42.
4. The following Orders are revoked—
(a)the Pension Protection Fund and Occupational Pension Schemes (Levy Ceiling and Compensation Cap) Order (Northern Ireland) 2014(1);
(b)the Pension Protection Fund and Occupational Pension Schemes (Levy Ceiling) Order (Northern Ireland) 2015(2).
Sealed with the Official Seal of the Department for Social Development on 5th February 2016
(L.S.)
Anne McCleary
A senior officer of the Department for Social Development