SCHEDULES
SCHEDULE 2PENSIONS: MISCELLANEOUS AMENDMENTS
Payment by the Department of unpaid pension contributions
6
1
Paragraph 2 of Schedule 3 to the Pension Schemes Act (priority in bankruptcy for amounts paid by the Department in respect of unpaid pension contributions) is amended as follows.
2
For sub-paragraphs (1) to (3) substitute—
1
This Schedule applies to any sum owed on account of an employer’s contributions to a salary related contracted-out scheme which were payable in the period of 12 months immediately preceding the relevant date.
1A
The amount of the debt having priority by virtue of sub-paragraph (1) shall be taken to be an amount equal to the appropriate amount.
2
This Schedule applies to any sum owed on account of an employer’s minimum payments to a money purchase contracted-out scheme falling to be made in the period of 12 months immediately preceding the relevant date.
3
In so far as payments cannot from the terms of the scheme be identified as falling within sub-paragraph (2), the amount of the debt having priority by virtue of that sub-paragraph shall be taken to be an amount equal to the appropriate amount.
3A
In sub-paragraph (1A) or (3) “the appropriate amount” means the aggregate of—
a
the percentage for non-contributing earners of the total reckonable earnings paid or payable, in the period of 12 months referred to in sub-paragraph (1) or (2) (as the case may be), to or for the benefit of non-contributing earners; and
b
the percentage for contributing earners of the total reckonable earnings paid or payable, in that period, to or for the benefit of contributing earners.
3
In sub-paragraph (4), for “sub-paragraph (3)” substitute “sub-paragraph (3A)”.