C1C2C4C3Part III Certification of Pension Schemes and Effects on Members’ State Scheme Rights and Duties

Annotations:
Modifications etc. (not altering text)
C2

Pt. 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

C4C3C2Chapter III Termination of contracted-out or appropriate scheme status: state scheme premiums

State scheme premiums

I163 Further provisions concerning calculations relating to premiums.

1

The following amounts shall be certified by the F9Secretary of StateF9Inland Revenue—

a

F1the costs mentioned in subsections (1), (2) and (6) of section 58,

b

the amount of the difference mentioned in subsection (4) of F2section 58,

c

F3the 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

F4The cash equivalents mentioned in section 58(3) and section 60(7)(a) shall be calculated and verified in the prescribed manner.

3

If the F9Secretary of StateF9Inland Revenue—

a

F5cannot 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

F10is satisfiedF10are satisfied that records of earnings relevant for determining the amount mentioned in F6section 58(4) have not been maintained or retained or are otherwise unobtainable,

then F10he mayF10they may for that purpose—

i

compute, in such manner as F10he thinksF10they 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,

F7and F10he mayF10they may certify the costs referred to in section 58(1) and (2) accordingly.

4

F8Where the F9Secretary of StateF9Inland 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 F9Secretary of StateF9Inland 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 F9Secretary of StateF9Inland Revenue may make such adjustments as F11he thinksF11they think necessary for avoiding fractional amounts.