The Pension Protection Fund and Occupational Pension Schemes (Levy Ceiling and Compensation Cap) Order 2014

Made: 8th January 2014

Laid before Parliament: 14th January 2014

Coming into force in accordance with article 1(2)

The Secretary of State for Work and Pensions makes the following Order in exercise of the powers conferred by sections 178(1) and (6) and 315(2) and (5) of, and paragraphs 26(7) and 27(2) and (3) of Schedule 7 to, the Pensions Act 2004 .

In accordance with section 178(5) of that Act, the Secretary of State has reviewed the general level of earnings obtaining in Great Britain during the period of 12 months ending with 31st July 2013. It appears to the Secretary of State that the general level of earnings has increased by 0.9% during that period.

On a review under section 148(2) of the Social Security Administration Act 1992 , the Secretary of State concluded that the general level of earnings obtaining in Great Britain exceeds by 4.4% the general level at the end of the period taken into account for the last such review under that section.

Citation, commencement and interpretation

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The earnings percentage

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The levy ceiling

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The compensation cap

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Revocation of the Pension Protection Fund and Occupational Pension Schemes (Levy Ceiling and Compensation Cap) Order 2013

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Signed

Signed by authority of the Secretary of State for Work and Pensions.

Steve Webb — Minister of State, — 2014-01-08

Explanatory note

(This note is not part of the Order)

Footnotes

[^f00001]: 2004 c. 35. See also S.I. 2013/105 which sets the levy ceiling for the financial year beginning on 1st April 2013.

[^f00002]: 1992 c. 5. Section 148(2) was amended by section 37 of the Child Support, Pensions and Social Security Act 2000 (c. 19).

[^f00003]: See section 178(4) of the Pensions Act 2004 and regulation 3 of S.I. 2006/2692 which provide that the review period is the period of 12 months ending with 31st July 2013.

[^f00004]: S.I. 2013/105.

Editorial notes

[^c2199259]: 2004 c. 35. See also S.I. 2013/105 which sets the levy ceiling for the financial year beginning on 1st April 2013.

[^c2199260]: 1992 c. 5. Section 148(2) was amended by section 37 of the Child Support, Pensions and Social Security Act 2000 (c. 19).

[^key-91c0451fcc139e3188e4a32b5596650e]: Art. 2 revoked (1.4.2015) by The Pension Protection Fund and Occupational Pension Schemes (Levy Ceiling) Order 2015 (S.I. 2015/66), arts. 1(2)(c), 4

[^key-5ec4424a580670e969d0e4305d5ed490]: Art. 3 revoked (1.4.2015) by The Pension Protection Fund and Occupational Pension Schemes (Levy Ceiling) Order 2015 (S.I. 2015/66), arts. 1(2)(c), 4