The Occupational Pension Schemes (Levy Ceiling - Earnings Percentage Increase) Order 2008
Made
5th February 2008
Laid before Parliament
8th February 2008
Coming into force
4th March 2008
The Secretary of State for Work and Pensions makes the following Order in exercise of the power conferred by section 178(6) 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. It appears to him that the general level of earnings has increased by 3.6 per cent during that period.
This Order may be cited as the Occupational Pension Schemes (Levy Ceiling - Earnings Percentage Increase) Order 2008 and shall come into force on 4th March 2008.
2-
The earnings percentage
For the purposes of section 178(3)(a) of the Pensions Act 2004 (the levy ceiling), the percentage by which it appears to the Secretary of State that the general level of earnings has increased during the review period(2) is 3.6 per cent.
Signed by authority of the Secretary of State for Work and Pensions.
5th February 2008
Mike O’Brien
Minister of State,
Department for Work and Pensions
This Order specifies that, for the purposes of section 178(3)(a) of the Pensions Act 2004 (c.35) (“the Act”), the earnings percentage for the period from 31st July 2006 to 31st July 2007 (“the review period”) is 3.6 per cent.
Section 178(6) of the Act specifies that the earnings percentage is the percentage by which it appears to the Secretary of State that the general level of earnings in Great Britain has increased during the review period.
An Impact Assessment has not been prepared for this instrument as it has no impact on business, charities or voluntary bodies.
