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The Pension Protection Fund and Occupational Pension Schemes (Levy Ceiling and Compensation Cap) Order 2016

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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 2016.

(2) It comes into force—

(a)for the purposes of this article and article 2, on 14th March 2016,

(b)for the purposes of article 3, on 31st March 2016, and

(c)for the purposes of articles 4 and 5, on 1st April 2016.

(3) In this Order, “the Act” means the Pensions Act 2004.

The earnings percentage

2.  For the purposes of section 178(3)(a) of the Act (the levy ceiling), the percentage by which it appears to the Secretary of State that the general level of earnings has increased during the review period(1) is 3.6%.

The levy ceiling

3.  For the purposes of section 177 of the Act (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.

The compensation cap

4.  The amount specified for the purposes of paragraph (a) of the definition of “the compensation cap” in paragraph 26(7) of Schedule 7 to the Act (pension compensation provisions –compensation cap) is £37,420.42.

Revocations

5.  The Pension Protection Fund and Occupational Pension Schemes (Levy Ceiling and Compensation Cap) Order 2014(2) and the Pension Protection Fund and Occupational Pension Schemes (Levy Ceiling) Order 2015(3) are revoked.

Signed by authority of the Secretary of State for Work and Pensions.

Altmann

Minister of State,

Department for Work and Pensions

27th January 2016

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