S.I. No. 77/2003 - Occupational Pension Schemes (Revaluation) Regulations 2003

The Minister for Social and Family Affairs, in exercise of the powers conferred on her 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 Finance, hereby makes the following Regulations:

Citation.

1.        These Regulations may be cited as the Occupational Pension Schemes (Revaluation) Regulations, 2003.

Revaluation Percentage.

2.        The revaluation percentage in respect of the 2002 revaluation year shall be 4 per cent.

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 21 of the Pensions (Amendment) Act 2002 ) provides that the Minister for Social and Family Affairs, after consultation with the Minister for Finance, shall, in respect of each revaluation 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 4% for 2002.

SOCIAL WELFARE REGULATIONS

Notice is hereby given that the Minister for Social and Family Affairs has made the following Regulations:—

S.I. No. 78 of 2003

PENSIONS (AMENDMENT) ACT, 2002, (SECTIONS 121(3), (4), (5) AND (6) (COMMENCEMENT) ORDER, 2003

These Regulations have been published and copies may be purchased from the Government Publications Sales Office, Sun Alliance House, Molesworth Street Dublin 2, or through any bookseller, priced at 51c.

__________________

J. HYNES

Secretary-General

Department of Social and Family Affairs

Dublin 1