S.I. No. 5/1999 - Occupational Pension Schemes (Revaluation) Regulations, 1999.

1. These Regulations may be cited as the Occupational Pension Schemes (Revaluation) Regulations, 1999.

Revaluation Percentage.

2. The revaluation percentage in respect of the 1998 revaluation shall be 2.4 per cent.

GIVEN under the Official Seal of the Minister for Social, Community and Family Affairs, this 19th day of January, 1999.

DERMOT AHERN,

Minister for Social, Community and Family Affairs.

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 by

Section 11

of the

Pensions (Amendment) Act, 1996

), provides that the Minister for Social, Community and Family Affairs, 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.

This Regulation provides for a revaluation percentage of 2.4% for 1998 which is in line with the increase in the Consumer Price Index for that year.

The Minister for Social, Community and Family Affairs, 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

Citation.