S.I. No. 43 of 2015
Occupational Pension Schemes (Revaluation) Regulations 2015
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, provides that the Minister
for Employment Affairs and Social Protection, after consultation with the Minister for Public Expenditure
and Reform, shall, in respect of each revaluation year, make Regulations specifying
the percentage which shall determine the amount by which a preserved
pension benefit is to be increased in that year.
That section specifies that this increase shall be the lesser of the percentage
that equals the increase in the general level of consumer prices during that year,
calculated by the Minister as she sees fit, or 4%.
As statistics released by the CSO state that the 2014 average annual percentage
increase in the consumer price index was 0.2%, these Regulations determine
that there will be a 0.2% increase in the revaluation of preserved benefits for
2014.