The Department for Communities has made a Statutory Rule entitled “The Pension Protection Fund (Modification) (Amendment) Regulations (Northern Ireland) 2017” (S.R. 2017 No. 59), which comes into operation on 6 April 2017.

The Rule principally relates to the introduction in April 2017 of an increased pension compensation cap for long service in the calculation of pension compensation payable by the Pension Protection Fund (PPF).

Specifically, it retrospectively allows for any compensation arising from different sources to have two separate caps applied, and provides for the application of the long service cap where a person’s entitlement to compensation arises from one source, but at different dates. It additionally allows the PPF to discharge as a lump sum an individual’s money purchase benefits where the total value of those benefits is below £10,000.

Copies of the Rule may be purchased from the Stationery Office at www.tsoshop.co.uk or by contacting TSO Customer Services on 0333 202 5070 or viewed online at http://www.legislation.gov.uk/nisr.