S.I. No. 35/1998 - Occupational Pension Schemes (Revaluation) Regulations, 1998.

S.I. No. 35 of 1998.

OCCUPATIONAL PENSION SCHEMES (REVALUATION) REGULATIONS, 1998.

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:

1 Citation

1. These Regulations may be cited as the Occupational Pension Schemes (Revaluation) Regulations, 1998.

2 Revaluation Percentage

2. The revaluation percentage in respect of the 1997 revaluation year shall be 1.5% per cent.

GIVEN under the Official Seal of the Minister for Social Welfare, this 31st day of January, 1998.

DERMOT AHERN,

Minister for Social, Community and Family Affairs.

EXPLANATORY NOTE.

Section 33 of the Pensions Act 1990 provides that the Minister for Social Welfare, 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 1.5% for 1997 which is in line with the increase in the Consumer Price Index for that year.