S.I. No. 74/2005 - Occupational Pension Schemes (Revaluation) Regulations, 2005

S.I. No. 74 of 2005

OCCUPATIONAL PENSION SCHEMES (REVALUATION) REGULATIONS, 2005

S.I. No. 74 of 2005

OCCUPATIONAL PENSION SCHEMES (REVALUATION) REGULATIONS, 2005

The Minister for Social and Family Affairs, in exercise of the powers conferred on him 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, 2005.

Revaluation percentage.

2.The revaluation percentage in respect of the 2004 revaluation year shall be 2.2 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 specifying the percentage which shall determine the amount by which the preserved benefit is to be increased by in that year.

This Regulation provides for a revaluation percentage of 2.2% for 2004.