Social Security Administration Act 1992

143 Power to alter contributions with a view to adjusting level of National Insurance Fund

(1) Without prejudice to section 141 above, the Secretary of State may at any time, if he thinks it expedient to do so with a view to adjusting the level at which the National Insurance Fund stands for the time being and having regard to the sums which may be expected to be paid from the Fund in any future period, make an order amending Part I of the Contributions and Benefits Act by altering any one or more of the following figures—

(a) the percentage rate specified—

(i) as the initial primary percentage in section 8(2)(a);

(ii) as the main primary percentage in section 8(2)(b);

(b) the percentage rate for secondary Class 1 contributions specified as the appropriate rate for Bracket 4 in section 9(3);

(c) the figure specified in section 11(1) as the weekly rate of Class 2 contributions;

(d) the figure specified in section 13(1) as the amount of a Class 3 contribution;

(e) the percentage rate for Class 4 contributions specified in section 15(3).

(2) If an order under subsection (1) above contains an amendment altering the percentage rate for Class 4 contributions specified in section 15(3) of the Contributions and Benefits Act, it shall make the same alteration of the percentage rate specified in section 18(1) of that Act.

(3) An order under subsection (1) above may if it contains an amendment altering the figure specified in section 11(1) of the Contributions and Benefits Act as the weekly rate of Class 2 contributions and the Secretary of State thinks it expedient in consequence of that amendment, amend section 11(4) of that Act by altering the figure there specified as the amount of earnings below which regulations under that subsection may except an earner from liability for Class 2 contributions.

(4) No order shall be made under this section so as—

(a) to increase for any tax year—

(i) the percentage rate of the initial or main primary percentage; or

(ii) the percentage rate for secondary Class 1 contributions,

to a percentage rate more than 0.25 per cent. higher than the percentage rate applicable at the end of the preceding tax year for the primary percentage or secondary Class 1 contribution in question; or

(b) to increase the percentage rate for Class 4 contributions to more than 8.25 per cent.