The Social Security (Reduced Rates of Class 1 Contributions, and Rebates) (Money Purchase Contracted-out Schemes) Order 2001

Citation and commencement

1.  This Order may be cited as the Social Security (Reduced Rates of Class 1 Contributions, and Rebates) (Money Purchase Contracted-out Schemes) Order 2001 and shall come into force on 6th April 2002.

Reduced rates of Class 1 contributions, and rebates

2.  For the purposes of section 42A of the Pension Schemes Act 1993 and section 38A of the Pension Schemes (Northern Ireland) Act 1993(1) (reduced rates of Class 1 contributions, and rebates)—

(a) the appropriate flat-rate percentage in respect of earners for the tax years 2002–2003 to 2006–2007—

(i) in the case of a primary Class 1 contribution is 1.6 per cent, and

(ii) in the case of a secondary Class 1 contribution is 1 per cent;

(b) the appropriate age-related percentages in respect of earners for each of the tax years 2002–2003 to 2006–2007 are the percentages specified in relation to that year in the Table set out in the Schedule to this Order, by reference to the earners' ages on the last day of the preceding tax year.

Signed by authority of the Secretary of State for Social Security.

Jeff Rooker

Minister of State,

Department of Social Security

3rd April 2001