Statutory Instruments
2010 No. 667
Pensions
The Pension Protection Fund (Pension Compensation Cap) Order 2010
Made
7th March 2010
Coming into force
1st April 2010
The Secretary of State for Work and Pensions makes the following Order in exercise of the powers conferred by section 315(5) of, and paragraphs 26(7) and 27(2) and (3) of Schedule 7 to, the Pensions Act 2004( 1 ).
On a review under section 148(2) of the Social Security Administration Act 1992( 2 ), the Secretary of State concluded that the general level of earnings obtaining in Great Britain exceeds by 3.5% the general level at the end of the period taken into account for the last such review under that section.
A draft of this Order has been laid before Parliament in accordance with section 316(2)(s) of the Pensions Act 2004 and approved by a resolution of each House of Parliament.
Citation and commencement
1. This Order may be cited as the Pension Protection Fund (Pension Compensation Cap) Order 2010 and shall come into force on 1st April 2010.
The compensation cap
2. The amount specified for the purposes of paragraph (a) of the definition of “the compensation cap” in paragraph 26(7) of Schedule 7 to the Pensions Act 2004 (pension compensation provisions – compensation cap) is £33,054.09.
Revocation of the Pension Protection Fund (Pension Compensation Cap) Order 2009
3. The Pension Protection Fund (Pension Compensation Cap) Order 2009( 3 ) is revoked.
Signed by authority of the Secretary of State for Work and Pensions.
Angela Eagle
Minister of State,
Department for Work and Pensions
7th March 2010
1992 c.5 . Section 148(2) was amended by section 37 of the Child Support, Pensions and Social Security Act 2000 (c.19) .