2007 No. 989
The Pension Protection Fund (Pension Compensation Cap) Order 2007
Made
Coming into force
This Order is made in exercise of the powers conferred by section 315(5) of, and paragraphs 26(7) and 27(2) and (3) of Schedule 7 to, the Pensions Act 20041.
On a review under section 148(2) of the Social Security Administration Act 19922 the Secretary of State concluded that the general level of earnings obtaining in Great Britain exceeds by 3.4% the general level at the end of the period taken into account for the last review under that section.
A draft of this instrument has been laid before Parliament in accordance with section 316(2)(s) of the Pensions Act 2004 and approved by a resolution of each House of Parliament.
Accordingly the Secretary of State for Work and Pensions makes the following Order:
Citation and commencement1
This Order may be cited as the Pension Protection Fund (Pension Compensation Cap) Order 2007 and shall come into force on 1st April 2007.
The compensation cap2
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 Pensions Act 2004 (pension compensation provisions – compensation cap) shall be £29,928.56.
Revocation3
The Pension Protection Fund (Pension Compensation Cap) Order 20063 is revoked.
Signed by authority of the Secretary of State for Work and Pensions.
(This note is not part of the Order)