S.I. No. 71 of 2014


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S.I. No. 71 of 2014

 

Occupational Pension Schemes (Revaluation) Regulations 2014

 

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 by 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 2013 average annual percentage increase in the consumer price index was 0.5% in accordance with section 33, these Regulations confirm that there will be a 0.5% increase in the revaluation of preserved benefits for 2013.

Last modified:27/02/2017