S.I. No. 5/1999 - Occupational Pension Schemes (Revaluation) Regulations, 1999.

The Minister for Social, Community and Family Affairs, in exercise of the powers conferred on him by sections 5 and 33 (as amended by section 11 of the Pensions (Amendment) Act, 1996 (No. 18 of 1996)) of the Pensions Act, 1990 (No. 25 of 1990), and having consulted with the Minister for Finance, hereby makes the following Regulations:

Citation.

1. These Regulations may be cited as the Occupational Pension Schemes (Revaluation) Regulations, 1999.

Revaluation Percentage.

2. The revaluation percentage in respect of the 1998 revaluation shall be 2.4 per cent.

	GIVEN under the Official Seal of the Minister for Social, Community and Family Affairs, this 19th day of January, 1999.
	DERMOT AHERN,
	Minister for Social, Community and Family Affairs.

EXPLANATORY NOTE.

(This note is not part of the Instrument and does not purport to be a legal interpretation.)

Section 33 of the Pensions Act, 1990 (as amended by Section 11 of the Pensions (Amendment) Act, 1996 ), provides that the Minister for Social, Community and Family Affairs, after consultation with the Minister for Finance, shall in respect of each valuation year, make Regulations determining what amount the preserved benefit is to be increased by in that year.

This Regulation provides for a revaluation percentage of 2.4% for 1998 which is in line with the increase in the Consumer Price Index for that year.