F1SCHEDULE 4A ADDITIONAL PENSION
PART III CONTRACTED-OUT EMPLOYMENT, ETC.
Interpretation
8
(1)
In this Part of this Schedule “”, “money purchase contracted-out scheme” and “appropriate personal pension scheme” have the same meanings as in the Pensions Act.
(2)
For the purposes of this Part of this Schedule the assumed surplus in the pensioner’s earnings factor for the year is the surplus there would be in that factor for the year if section 44A(1) of the Pensions Act (no primary Class 1 contributions deemed to be paid) did not apply in relation to any tax week falling in the year.
(3)
Section 44A above shall be ignored in applying section 44(6) above for the purposes of calculating amount B.
(4)
For the purposes of this Part of this Schedule—
(a)
the value of N is 0.5 for each tax year by which the tax year in which the pensioner attained pensionable age precedes 2009-10;
(b)
“LET” means the low earnings threshold for that year as specified in section 44A above;
(c)
“QEF” is the qualifying earnings factor for the tax year concerned.
(5)
In the calculation of “2QEF” the amount produced by doubling QEF shall be rounded to the nearest whole £100 (taking any amount of £50 as nearest to the previous whole £100).
(6)
In this Part of this Schedule “final relevant year” has the same meaning as in section 44 above.