Part II Reduced Contributions in Respect of Members of Contracted-Out Schemes
Welfare Reform and Pensions Act 1999 (1999 c 30) | Legislation

Part II Reduced Contributions in Respect of Members of Contracted-Out Schemes

Reduced rates for members of salary related contracted-out schemes

6

(1)     Section 41 of the Pension Schemes Act 1993 is amended as follows.

(2)     In subsection (1), for “(1C)†substitute “(1E)â€.

(3)     For subsections (1A) to (1C) substitute—

“(1A)     The amount of any primary Class 1 contribution in respect of the earnings shall be reduced by an amount equal to 1.6 per cent of the relevant part of the earnings (“Amount R1â€).

(1B)     The amount of any secondary Class 1 contribution in respect of the earnings shall be reduced by an amount equal to 3 per cent of the relevant part of the earnings (“Amount R2â€).

(1C)     The aggregate of Amounts R1 and R2 shall be set off—

(a)     first against the aggregate amount which the secondary contributor is liable to pay in respect of the contributions mentioned in subsections (1A) and (1B); and

(b)     then (as to any balance) against any amount which the secondary contributor is liable to pay in respect of any primary or secondary Class 1 contribution in respect of earnings—

(i)

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