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The Pension Protection Fund and Occupational Pension Schemes (Levy Ceiling) Order 2022
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- UK Statutory Instruments
- 2022 No. 88
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Citation, commencement and extent
1.—(1) This Order may be cited as the Pension Protection Fund and Occupational Pension Schemes (Levy Ceiling) Order 2022.
(2) This article and articles 2 and 3 come into force on 14th March 2022.
(3) Article 4 comes into force on 31st March 2022.
(4) Article 5 comes into force on 1st April 2022.
(5) This Order extends to England and Wales and Scotland.
Interpretation
2. In this Order, “the Act” means the Pensions Act 2004.
The earnings percentage
3. 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 7.2%.
The levy ceiling
4. 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 2022 is £1,178,605,581.
Revocation
5. The Pension Protection Fund and Occupational Pension Schemes (Levy Ceiling) Order 2021(2) is revoked.
Signed by authority of the Secretary of State for Work and Pensions
Chloe Smith
Minister of State
Department for Work and Pensions
28th January 2022
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