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Pension Schemes Act 1993

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Changes over time for: Section 42B

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Version Superseded: 11/11/1999

Status:

Point in time view as at 01/07/1999. This version of this provision has been superseded. Help about Status

Changes to legislation:

Pension Schemes Act 1993, Section 42B is up to date with all changes known to be in force on or before 08 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

[F142BDetermination and alteration of rates of contributions, and rebates, applicable under section 42AE+W+S

(1)The Secretary of State shall at intervals of not more than five years lay before each House of Parliament—

(a)a report by the Government Actuary or the Deputy Government Actuary on the percentages which, in his opinion, are required to be specified in an order under this section so as to reflect the cost of providing benefits of an actuarial value equivalent to that of the benefits which, under section 48A, are foregone by or in respect of members of money purchase contracted-out schemes,

(b)a report by the Secretary of State stating what, in view of the report under paragraph (a), he considers those percentages should be, and

(c)a draft of an order under subsection (2).

(2)An order under this subsection shall have effect in relation to a period of tax years (not exceeding five) and may—

(a)specify different percentages for primary and secondary Class 1 contributions, and

(b)for each of the tax years for which it has effect—

(i)specify a percentage in respect of all earners which is “the appropriate flat-rate percentage” for the purposes of section 42A, and

(ii)specify different percentages (not being less than the percentage specified by virtue of sub-paragraph (i)) in respect of earners by reference to their ages on the last day of the preceding year (the percentage for each group of earners being “the appropriate age-related percentage” in respect of earners in that group for the purposes of section 42A).

(3)If the draft of an order under subsection (2) is approved by resolution of each House of Parliament, the Secretary of State shall make the order in the form of the draft.

(4)An order under subsection (2) shall have effect from the beginning of such tax year as may be specified in the order, not being a tax year earlier than the second after that in which the order is made.

(5)Subsection (2) is without prejudice to the generality of section 182]

Textual Amendments

F1Ss. 42A, 42B and cross-heading inserted (13.3.1996 for specified purposes, 6.4.1996 for specified purposes, 6.4.1997 in so far as not already in force) by Pensions Act 1995 (c. 26), ss. 137(5), 180(1); S.I. 1996/778, art. 2(1)(5)(a), Sch. Pts. I, V; S.I. 1997/664, art. 2(3), Sch. Pt. II

Modifications etc. (not altering text)

C3Pt. III: power to modify conferred (1.6.1996 for specified purposes, 6.4.1997 in so far as not already in force) by Pensions Act 1995 (c. 26), ss. 149(1), 180(1); S.I. 1996/778, art. 2(6); S.I. 1997/664, art. 2(3), Sch. Pt. 2

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