Search Legislation

State Pension Credit Act (Northern Ireland) 2002

Status:

This is the original version (as it was originally enacted).

Savings credit

3.—(1) The first of the conditions mentioned in section 1(2)(c)(ii) is that the claimant—

(a)has attained the age of 65; or

(b)is a member of a married or unmarried couple, the other member of which has attained that age.

(2) The second of the conditions mentioned in section 1(2)(c)(ii) is that—

(a)the claimant’s qualifying income exceeds the savings credit threshold; and

(b)the claimant’s income is such that, for the purposes of subsection (3), amount A exceeds amount B.

(3) Where the claimant is entitled to a savings credit, the amount of the savings credit shall be the amount by which amount A exceeds amount B.

(4) For the purposes of subsection (3)—

“amount A” is the smaller of—

(a)

the maximum savings credit; and

(b)

a prescribed percentage of the amount by which the claimant’s qualifying income exceeds the savings credit threshold; and

“amount B” is—

(a)

a prescribed percentage of the amount (if any) by which the claimant’s income exceeds the appropriate minimum guarantee; or

(b)

if there is no such excess, nil.

(5) Where, by virtue of regulations under section 2(6), the claimant’s appropriate minimum guarantee does not include the standard minimum guarantee, regulations may provide that the definition of “amount B” in subsection (4) shall have effect with the substitution for the reference in paragraph (a) to the appropriate minimum guarantee of a reference to a prescribed higher amount.

(6) Regulations may make provision as to income which is, and income which is not, to be treated as qualifying income for the purposes of this section.

(7) For the purposes of this section—

“the savings credit threshold” is such amount as may be prescribed;

“the maximum savings credit” is a prescribed percentage of the difference between—

(a)

the standard minimum guarantee; and

(b)

the savings credit threshold.

(8) Regulations may prescribe descriptions of persons in whose case the maximum savings credit shall be taken to be nil.

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources