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The Occupational Pension Schemes (Levy Ceiling) Order (Northern Ireland) 2010

S.R. 2010/73 · Made 9 March 2010

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

Pensions

Made 9th March 2010

Coming into operation 31st March 2010

This Order is made in exercise of the powers conferred by Articles 161 and 287(3) of the Pensions (Northern Ireland) Order 2005f1.

The Secretary of State for Work and Pensions has made an Orderf2 under sections 178(1) and 315(2) and (5) of the Pensions Act 2004f3.

Accordingly the Department for Social Development makes the following Order:

Annotations to the whole text

Footnotes

f1

S.I. 2005/255 (N.I. 1)

f2

S.I. 2010/666

f3

2004 c. 35

Contents

  1. 1Citation and commencement
  2. 2The levy ceiling
  3. 3Revocation
  4. Signature
  5. Explanatory note

1Citation and commencement

This Order may be cited as the Occupational Pension Schemes (Levy Ceiling) Order (Northern Ireland) 2010 and shall come into operation on 31st March 2010.

2The levy ceiling

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 2010 is £871,183,684.

3Revocation

The Occupational Pension Schemes (Levy Ceiling) Order (Northern Ireland) 2009f1 is revoked.

Signature

Sealed with the Official Seal of the Department for Social Development on 9th March 2010

(L.S.)

Anne McCleary

A senior officer of the Department for Social Development

Explanatory note

(This note is not part of the Order)

This Order, which corresponds to an Order (S.I. 2010/666) 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 2010.

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 2010 is £871,183,684 (Article 2). It also contains a consequential revocation (Article 3).