The Occupational Pension Schemes (Levies) (Amendment) Regulations (Northern Ireland) 2008

EXPLANATORY NOTE

(This note is not part of the Regulations)

These Regulations further amend the Occupational Pension Schemes (Levies) Regulations (Northern Ireland) 2005 (“the Levies Regulations”).

Regulation 2 substitutes regulation 6(2) of the Levies Regulations to specify the new figures to be used in calculating the rate at which the administration levy is payable for the financial year ending with 31st March 2009 and subsequent financial years. The purpose of the administration levy is to meet the expenditure mentioned in Article 103(1) of the Pensions (Northern Ireland) Order 2005 (“the Order”) relating to the Board of the Pension Protection Fund (“the Board”). The figures used to calculate the rate of the administration levy have increased by between 17% and 20%. The increases are based on a change in the scheme membership profile, the Board’s estimate of its expenses for the financial year ending with 31st March 2009 and the recovery of a £2∙7 million deficit from the previous financial year.

Regulation 3 makes a consequential revocation.

As these Regulations make in relation to Northern Ireland only provision corresponding to provision contained in regulations made by the Secretary of State for Work and Pensions in relation to Great Britain, the requirement to consult under Article 289(1) of the Order does not apply by virtue of paragraph (2)(e) of that Article.