S.I. No. 49/2004 - Occupational Pension Schemes (Revaluation) Regulations, 2004

1. These Regulations may be cited as the Occupational Pension Schemes (Revaluation) Regulations, 2004.

Revaluation Percentage.

2. The revaluation percentage in respect of the 2003 revaluation year shall be 3.5 per cent.

GIVEN under the Official Seal of the Minister for Social and Family Affairs, this 5th day of February, 2004.

MARY COUGHLAN,

Minister for Social 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 21

of the

Pensions (Amendment) Act, 2002

) provides that the Minister for Social and Family Affairs, 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 the preserved benefit is to be increased in that year.

This Regulation provides for a revaluation percentage of 3.5 per cent for 2003.

The Minister for Social and Family Affairs, in exercise of the powers conferred on her by

sections 5

and

33

(as amended by

section 21

of the

Pensions (Amendement) Act, 2002

(No. 18 of 2002)) of the

Pensions Act, 1990

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

Citation.