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(1) This Order may be cited as the Pension Protection Fund and Occupational Pension Schemes (Levy Ceiling and Compensation Cap) Order (Northern Ireland) 2020 and shall come into operation—
(a) for the purposes of this Article and Article 2, on 31st March 2020, and
(b) for the purposes of Articles 3 and 4, on 1st April 2020.
(2) In this Order “the 2005 Order” means the Pensions (Northern Ireland) Order 2005.
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The amount specified for the purposes of paragraph (a) of the definition of “the standard amount” in paragraph 26A(7) of Schedule 6 to the 2005 Order (pension compensation provisions – meaning of “the compensation cap”) is £41,461∙07.
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The Pension Protection Fund and Occupational Pension Schemes (Levy Ceiling and Compensation Cap) Order (Northern Ireland) 2019 is revoked.
Sealed with the Official Seal of the Department for Communities on 9th March 2020
(L.S.)Anne McCleary
A senior officer of the Department for Communities
