S.I. No. 31/2019 - Occupational Pension Schemes (Revaluation) Regulations, 2019


Notice of the making of this Statutory Instrument was published in

“Iris Oifigiúil of 8th February, 2019.

I, REGINA DOHERTY T.D., Minister for Employment Affairs and Social Protection (as adapted by the Social Protection (Alteration of Name of Department and Title of Minister) Order 2017 (S.I. No. 366 of 2017)), with the consent of the Minister for Public Expenditure and Reform (as adapted by the Finance (Transfer of Departmental Administration and Ministerial Functions) Order 2011 ( S.I. No. 418 of 2011 )), in exercise of the powers conferred on me by sections 5 and 33 (as amended by section 21 of the Pensions (Amendment) Act, 2002 (No. 18 of 2002)) of the Pensions Act, 1990 (No. 25 of 1990), and having consulted with the Minister for Public Expenditure and Reform, hereby make the following Regulations:

Citation

1. These Regulations may be cited as the Occupational Pension Schemes (Revaluation) Regulations, 2019.

Rate of Revaluation of Preserved Benefit

2. In accordance with Section 33(5) of the Pensions Act, there shall be a 0.5% revaluation of preserved pension benefits for 2018.

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GIVEN under my Official Seal,

5 February 2019.

REGINA DOHERTY T.D.,

Minister for Employment Affairs and Social Protection.

EXPLANATORY NOTE

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

These Regulations provide for changes in the percentage by which the amount of a preserved benefit is to be increased or decreased in a specified year.

There shall be a 0.5% revaluation of preserved benefits under section 33 of the Pensions Act, 1990 , for 2018.