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Social Security Contributions and Benefits Act 1992

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Changes and effects yet to be applied to Section 55A:

Changes and effects yet to be applied to the whole Act associated Parts and Chapters:

  • Act applied (with modifications) by S.I. 2010/875 reg. 16 Sch. 2 (This amendment not applied to legislation.gov.uk. S.I. 2010/875 revoked (27.8.2010) before coming into force by S.I. 2010/1906, regs. 1(2), 2)
  • Act restricted by S.I. 1995/471 art. 32(4)

Whole provisions yet to be inserted into this Act (including any effects on those provisions):

[F155AShared additional pension [F2because of an old state scheme pension credit] E+W+S

[F3(1)A person is entitled to a shared additional pension under this section if—

(a)the person attained pensionable age before 6 April 2016, and

(b)the person is entitled to an old state scheme pension credit.]

(2)A person’s entitlement to a shared additional pension [F4under this section] shall continue throughout his life.

(3)The weekly rate of a shared additional pension [F5under this section] shall be the appropriate weekly amount, unless the pensioner’s entitlement to the [F6old] state scheme pension credit arose before the final relevant year, in which case it shall be that amount multiplied by the relevant revaluation percentage.

(4)The appropriate weekly amount for the purposes of subsection (3) above is the weekly rate, expressed in terms of the valuation day, at which the cash equivalent, on that day, of the pensioner’s entitlement, or prospective entitlement, to the shared additional pension is equal to the [F7old] state scheme pension credit.

(5)The relevant revaluation percentage for the purposes of that subsection is the percentage specified, in relation to earnings factors for the tax year in which the entitlement to the [F8old] state scheme pension credit arose, by the last order under section 148 of the Administration Act to come into force before the end of the final relevant year.

[F9(6)The Secretary of State may by regulations make provision about the calculation and verification of cash equivalents for the purposes of this section.

(6A)The power conferred by subsection (6) above includes power to provide—

(a)for calculation or verification in such manner as may be approved by or on behalf of the Government Actuary, and

(b)for things done under the regulations to be required to be done in accordance with guidance from time to time prepared by a person prescribed by the regulations.]

(7)In this section—

  • “final relevant year” means the tax year immediately preceding that in which the pensioner attains pensionable age;

  • “[F10old] state scheme pension credit” means a credit under section 49(1)(b) of the Welfare Reform and Pensions Act 1999 (credit for the purposes of this Part of this Act);

  • “valuation day” means the day on which the pensioner becomes entitled to the [F10old] state scheme pension credit.]

Textual Amendments

F1Ss. 55A-55C inserted (11.11.1999 for specified purposes, 1.12.2000 in so far as not already in force) by Welfare Reform and Pensions Act 1999 (c. 30), s. 89(5)(a), Sch. 6 para. 3; S.I. 2000/1047, art. 2(2)(d), Sch. Pt. IV

Modifications etc. (not altering text)

C1S. 55A: sums amended (coming into force in accordance with arts. 1(4)(5), 7 of the amending S.I.) by The Social Security Benefits Up-rating Order 2023 (S.I. 2023/316), arts. 1(3)(c), 4(4)(a)

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