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The Pension Protection Fund and Occupational Pension Schemes (Levy Ceiling and Compensation Cap) Order 2017

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Statutory Instruments

2017 No. 50

Pensions

The Pension Protection Fund and Occupational Pension Schemes (Levy Ceiling and Compensation Cap) Order 2017

Made

25th January 2017

Laid before Parliament

30th January 2017

Coming into force in accordance with article 1(2)

The Secretary of State for Work and Pensions makes the following Order in exercise of the powers conferred by sections 178(1) and (6) and 315(2) and (5) of, and paragraphs 26(7) and 27(2) and (3) of Schedule 7 to, the Pensions Act 2004(1).

In accordance with section 178(5) of that Act, the Secretary of State has reviewed the general level of earnings obtaining in Great Britain during the period of 12 months ending with 31st July 2016. It appears to the Secretary of State that the general level of earnings has increased by 2.6% during that period.

On a review under section 148(2) of the Social Security Administration Act 1992(2), the Secretary of State concluded that the general level of earnings obtaining in Great Britain exceeds by 2.9% the general level at the end of the period taken into account for the last such review under that section.

(1)

2004 c. 35. See alsoS.I. 2016/82 which set the levy ceiling for the financial year beginning on 1st April 2016.

(2)

1992 c. 5. Section 148(2) was amended by section 37 of the Child Support, Pensions and Social Security Act 2000 (c. 19).

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