Statutory Instruments
2008 No. 911
Pensions
The Occupational Pension Schemes (Levy Ceiling) Order 2008
Made
27th March 2008
Coming into force in accordance with article 1(2)
The Secretary of State for Work and Pensions makes the following Order in exercise of the powers conferred by sections 178(1) and 315(2) and (5) of the Pensions Act 2004( 1 ).
In accordance with section 178(5) of that Act, he has reviewed the general level of earnings obtaining in Great Britain during the period of 12 months ending with 31st July 2007( 2 ). It appears to him that the general level of earnings has increased by 3.6 per cent during that period( 3 ).
A draft of this Order has been laid before Parliament in accordance with section 316(2)(f) of that Act and approved by a resolution of each House of Parliament.
Citation and commencement
1. —(1) This Order may be cited as the Occupational Pension Schemes (Levy Ceiling) Order 2008.
(2) This Order shall come into force—
(a) for the purposes of this article and article 2, on 31st March 2008; and
(b) for the purposes of article 3, on 1st April 2008.
The levy ceiling
2. For the purposes of section 177 of the Pensions Act 2004 (amounts to be raised by the pension protection levies), the levy ceiling for the financial year beginning on 1st April 2008 is £833,410,200.
Revocation of the Occupational Pension Schemes (Levy Ceiling) Order 2007
3.The Occupational Pension Schemes (Levy Ceiling) Order 2007( 4 ) is revoked.
Signed by authority of the Secretary of State for Work and Pensions.
James Plaskitt
Parliamentary Under-Secretary of State,
Department for Work and Pensions
27th March 2008
2004 c.35 . See also S.I. 2007/1012 which sets the levy ceiling for the financial year beginning on 1st April 2007.
See section 178(4) of the Pensions Act 2004 and regulation 3 of S.I. 2006/2692 .
See S.I. 2008/217 .