S.I. No. 38 of 2011.
OCCUPATIONAL PENSION SCHEMES (REVALUATION) REGULATIONS, 2011
(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 Social Protection, 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 a preserved pension benefit is to be increased by in that year.
The 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 he sees fit or 4%.
Section 33(7) of the Pensions Act states that an increase shall not be prescribed in relation to a year where the level of consumer prices has not increased.
As statistics released by the CSO state that the 2010 average annual percentage increase in the consumer price index was -1.0%, in accordance with section 33(7), these Regulations confirm that there will be no revaluation of preserved benefits for 2010.