Pension Schemes Act 1993

63 Further provisions concerning calculations relating to premiums. E+W+S

(1) The following amounts shall be certified by the [F1 Inland Revenue]—

(a) [F2 the costs mentioned in subsections (1), (2) and (6) of section 58,]

[F3 (b) the sum of the amounts specified in section 58(4);]

(c) [F4 the cost of providing the appropriate percentage of the guaranteed minimum pension for the purposes of section 60, and]

(d) the amount mentioned in section 61(2).

(2) [F5 The cash equivalents mentioned in section 58(3) and section 60(7)(a) shall be calculated and verified in the prescribed manner.]

(3) If the [F1 Inland Revenue]—

(a) [F6 cannot readily ascertain the amount of any earnings in any tax week relevant for determining the costs referred to in subsection (1) or (2) of section 58, or]

(b) [F7 are satisfied] that records of earnings relevant for determining the amount mentioned in [F8 section 58(4)] have not been maintained or retained or are otherwise unobtainable,

then [F7 they may] for that purpose—

(i) compute, in such manner as [F7 they think] fit, an amount which shall be regarded as the amount of those earnings; or

(ii) take their amount to be such sum as he may specify in the particular case,

[F9 and [F7 he may] [F7 they may] certify the costs referred to in section 58(1) and (2) accordingly.]

(4) [F10 Where the [F1 Inland Revenue] subsequently ascertains the amount of such earnings as are mentioned in paragraph (a) of subsection (3)—

(a) if it appears to him that the amount of the accrued rights premium or, as the case may be, the pensioner’s rights premium would have been less if he had not made the calculation on the basis described in subsection (3), he shall refund the difference to the prescribed person, and

(b) if it appears to the [F1 Inland Revenue] that that premium would have been greater if he had not made the calculation on that basis, the prescribed person shall pay the difference to him.]

(5) For the purposes of subsection (1) the [F1 Inland Revenue] may make such adjustments as [F11 they think] necessary for avoiding fractional amounts.

Textual Amendments

F1 Words in s. 63 substituted (25.2.1999 for specified purposes, 1.4.1999 in so far as not already in force) by Social Security Contributions (Transfer of Functions, etc.) Act 1999 (c. 2), s. 28(2)(a), Sch. 1 para. 56(2); S.I. 1999/527, art. 2(b), Sch. 2 (with arts. 3-6)

F2 S. 63(1)(a) repealed (6.4.1997) by Pensions Act 1995 (c. 26), s. 180(1), Sch. 5 para. 57(a)(i), Sch. 7 Pt. III; S.I. 1997/664, art. 2(3), Sch. Pt. 2 (with art. 4(2)(3))

F3 S. 63(1)(b) substituted (28.7.2000) by Child Support, Pensions and Social Security Act 2000 (c. 19), s. 86(1)(b)(2), Sch. 5 para. 5(3) (with s. 83(6), Sch. 5 para. 4)

F4 S. 63(1)(c) repealed (6.4.1997) by Pensions Act 1995 (c. 26), s. 180(1), Sch. 5 para. 57(a)(iii), Sch. 7 Pt. III; S.I. 1997/664, art. 2(3), Sch. Pt. 2 (with art. 4(2)(3))

F5 S. 63(2) repealed (6.4.1997) by Pensions Act 1995 (c. 26), s. 180(1), Sch. 5 para. 57(b), Sch. 7 Pt. III; S.I. 1997/664, art. 2(3), Sch. Pt. 2 (with art. 4(2)(3))

F6 S. 63(3)(a) repealed (6.4.1997) by Pensions Act 1995 (c. 26), s. 180(1), Sch. 5 para. 57(c)(i), Sch. 7 Pt. III; S.I. 1997/664, art. 2(3), Sch. Pt. 2 (with art. 4(2)(3))

F7 Words in s. 63(3) substituted (25.2.1999 for specified purposes, 1.4.1999 in so far as not already in force) by Social Security Contributions (Transfer of Functions, etc.) Act 1999 (c. 2), s. 28(2)(a), Sch. 1 para. 56(3); S.I. 1999/527, art. 2(b), Sch. 2 (with arts. 3-6)

F8 Words in s. 63(3)(b) substituted (6.4.1997) by Pensions Act 1995 (c. 26), s. 180(1), Sch. 5 para. 57(c)(ii); S.I. 1997/664, art. 2(3), Sch. Pt. 2 (with art. 4(2)(3))

F9 Words in s. 63(3) repealed (6.4.1997) by Pensions Act 1995 (c. 26), s. 180(1), Sch. 5 para. 57(c)(iii), Sch. 7 Pt. III; S.I. 1997/664, art. 2(3), Sch. Pt. 2 (with art. 4(2)(3))

F10 S. 63(4) repealed (6.4.1997) by Pensions Act 1995 (c. 26), s. 180(1), Sch. 5 para. 57(d), Sch. 7 Pt. III; S.I. 1997/664, art. 2(3), Sch. Pt. 2 (with art. 4(2)(3))

F11 Words in s. 63(5) substituted (25.2.1999 for specified purposes, 1.4.1999 in so far as not already in force) by Social Security Contributions (Transfer of Functions, etc.) Act 1999 (c. 2), s. 28(2)(a), Sch. 1 para. 56(4); S.I. 1999/527, art. 2(b), Sch. 2 (with arts. 3-6)

Modifications etc. (not altering text)

C1 Pt. III: power to amend conferred (1.4.1999) by Social Security Contributions (Transfer of Functions, etc.) Act 1999 (c. 2), ss. 23, 28(3); S.I. 1999/527, art. 2(b), Sch. 2 (with arts. 3-6)

C2 Pt. III: power to transfer functions conferred (1.4.1999) by Social Security Contributions (Transfer of Functions, etc.) Act 1999 (c. 2), ss. 23, 28(3); S.I. 1999/527, art. 2(b), Sch. 2 (with arts. 3-6)

Commencement Information

I1 Ss. 1-187 in force at 7.2.1994 by S.I. 1994/86, art. 2