ISB SI

S.I. No. 76 of 1997.

OCCUPATIONAL PENSION SCHEMES (REVALUATION) REGULATIONS, 1997.

The Minister for Social Welfare, in exercise of the powers conferred on him by sections 5 and 33 (as amended by

section 11

of the

Pensions (Amendment) Act, 1996

(No. 18 of 1996)) of the

Pensions Act, 1990

(No. 25 of 1990), and having consulted with the Minister for Finance, hereby makes the following Regulations

1 Citation

1.

These Regulations may be cited as the Occupational Pension Schemes (Revaluation) Regulations, 1997.

2 Revaluation Percentage

2.

The revaluation percentage in respect of the 1996 revaluation year shall be 1.6 per cent.

GIVEN under the Official Seal of the Minister for Social Welfare,

this 31st day of January, 1997.

PROINSIAS DE ROSSA,

Minister for Social Welfare.

EXPLANATORY NOTE.

Section 33

of the

Pensions Act 1990

provides that the Minister for Social Welfare, after consultation with the Minister for Finance, shall, in respect of each valuation year, make Regulations determining what amount the preserved benefit is to be increased by in that year.

The Regulation provides for a revaluation percentage of 1.6 per cent for 1996 which is in line with the increase in the Consumer Price Index for that year.