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Statutory Instrument 1996 No. 1055

The Social Security (Reduced Rates of Class 1 Contributions and Rebates) (Money Purchase Contracted-out Schemes) Order 1996

(The document as of February, 2008)

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STATUTORY INSTRUMENTS

1996 No. 1055

PENSIONS

The Social Security (Reduced Rates of Class 1 Contributions and Rebates) (Money Purchase Contracted-out Schemes) Order 1996

Made3rd April 1996
Coming into force6th April 1997

    Whereas the Secretary of State has under section 42B of the Pension Schemes Act 1993[1] laid before each House of Parliament a report stating what, in view of the report of the Government Actuary under that section, he considers the appropriate flat-rate and age-related percentages should be for the purposes of section 42A of that Act[2]:
    And whereas a draft of the following Order, in accordance with section 42B of the Pension Schemes Act 1993, was laid before, and approved by, resolution of each House of Parliament:
    Now, therefore, the Secretary of State for Social Security, in exercise of the powers conferred upon him by section 42B of the Pension Schemes Act 1993 and of all other powers enabling him in that behalf, hereby makes the following Order:
    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 1996 and shall come into force on 6th April 1997.
    Reduced rates of Class 1 contributions and rebates
        2.    For the purposes of section 42A of the Pension Schemes Act 1993—
       (a) the appropriate flat-rate percentage in respect of earners for the tax years 1997—98 to 2001—02, in the case of a primary Class 1 contribution is 1.6 per cent and, in the case of a secondary Class 1 contribution is 1.5 per cent;
       (b) the appropriate age-related percentages in respect of earners in the tax years 1997—98 to 2001—02 are those specified in the Table in the Schedule to this Order by reference to their ages on the last day of the preceding tax year.


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

Oliver Heald

Parliamentary Under-Secretary of State, Department of Social Security

3rd April 1996




Notes:

[1] 1993 c. 48. Section 42B was inserted into the Pension Schemes Act 1993 by section 137 of the Pensions Act 1995 (c. 26).

[2] Section 42A was inserted into the Pensions Schemes Act 1993 by section 137 of the Pensions Act 1995.

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