There are currently no known outstanding effects for the National Insurance Contributions Act 2008, Cross Heading: Pension Schemes Act 1993 (c. 48).
7U.K.The Pension Schemes Act 1993 is amended as follows.
8(1)Section 8 (meaning of “contracted-out employment” etc) is amended as follows.U.K.
(2)In subsection (2), in the definition of “minimum payment”, for “the current upper earnings limit” substitute “ the applicable limit ”.
(3)After that subsection insert—
“(2A)In subsection (2) “the applicable limit” means—
(a)in relation to a tax year before 2009-10, the upper earnings limit;
(b)in relation to 2009-10 or any subsequent tax year, the upper accrual point.”
9U.K.In section 12B(7) (contracted-out pension scheme: reference scheme), in the definition of “the applicable limit”—
(a)for “the flat rate introduction year” (in both places) substitute “ 2009-10 ”, and
(b)in paragraph (b), after “point” insert “ multiplied by 53 ”.
10(1)Section 41 (reduced rates of Class 1 contributions for members of salary related contracted-out schemes) is amended as follows.U.K.
(2)In subsection (1) for “the applicable limit for that week” substitute “ the upper accrual point ”.
(3)Omit subsection (1ZA).
(4)The amendments made by this paragraph have effect in relation to 2009-10 and subsequent tax years.
11(1)In section 42A(1) (reduced rates of Class 1 contributions, and rebates, for members of money purchase contracted-out schemes), for “the current upper earnings limit for that week” substitute “ the upper accrual point ”.U.K.
(2)The amendment made by sub-paragraph (1) has effect in relation to 2009-10 and subsequent tax years.
12(1)In section 45(1) (personal pensions: amount of minimum contributions), for “the current upper earnings limit for that week” substitute “ the upper accrual point ”.U.K.
(2)The amendment made by sub-paragraph (1) has effect in relation to 2009-10 and subsequent tax years.
13(1)Paragraph 2 of Schedule 4 (priority in bankruptcy etc: employee's contributions to occupational pension scheme) is amended as follows.U.K.
(2)In sub-paragraph (5), in paragraph (b) of the definition of “reckonable earnings”, for “the applicable limit” substitute “ the upper accrual point ”.
(3)Omit sub-paragraph (6).
(4)The amendments made by this paragraph have effect in relation to payments made in a tax week falling in 2009-10 or any subsequent tax year.
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