Statutory Rules of Northern Ireland
Pensions
Made
28th March 2008
Coming into operation
31st March 2008
This Order is made in exercise of the powers conferred by Articles 161 and 287(3) of the Pensions (Northern Ireland) Order 2005(1).
The Secretary of State for Work and Pensions has made an Order(2) under sections 178(1) and 315(2) and (5) of the Pensions Act 2004(3).
Accordingly the Department for Social Development makes the following Order:
1. This Order may be cited as the Occupational Pension Schemes (Levy Ceiling) Order (Northern Ireland) 2008 and shall come into operation on 31st March 2008.
2. For the purposes of Article 160 of the Pensions (Northern Ireland) Order 2005 (amounts to be raised by the pension protection levies), the levy ceiling for the financial year beginning on 1st April 2008 is £833,410,200.
3. The Occupational Pension Schemes (Levy Ceiling) Order (Northern Ireland) 2007(4) is revoked.
Sealed with the Official Seal of the Department for Social Development on 28th March 2008
(L.S.)
John O’Neill
A senior officer of the Department for Social Development
(This note is not part of the Order)
This Order, which corresponds to an Order (S.I. 2008/911) made by the Secretary of State for Work and Pensions under sections 178(1) and 315(2) and (5) of the Pensions Act 2004, specifies, for the purposes of Article 160 of the Pensions (Northern Ireland) Order 2005 (“the Order”), the levy ceiling for the financial year beginning on 1st April 2008.
Article 158 of the Order provides that the Board of the Pension Protection Fund must impose pension protection levies for each financial year falling after the initial period (as defined by Article 157 of the Order). Article 160 of the Order provides for the amount to be raised by the pension protection levies, subject to an annual ceiling. This Order specifies that the levy ceiling for the financial year beginning on 1st April 2008 is £833,410,200 (Article 2). It also contains a consequential revocation (Article 3).