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Pensions (No. 2) Act (Northern Ireland) 2008

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Pensions (No. 2) Act (Northern Ireland) 2008, Section 12 is up to date with all changes known to be in force on or before 17 July 2018. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

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12—(1) Schedule 4B (additional pension: accrual rates for purposes of section 45(2)(d)) is amended as follows.N.I.

(2) In paragraph 2 (application of Part 2 of Schedule)—

(a)after “if” insert

(a)”;

(b)after paragraph (a) (created by virtue of paragraph (a) above) insert

and

(b)there is a surplus in the pensioner's earnings factor for the year..

(3) In paragraph 3 (appropriate amount for year)—

(a)in paragraph (a), for the words from “there is” to “which” substitute “ the pensioner's earnings factor for the year ”;

(b)in paragraph (b), for “there is such a surplus which” substitute “ that earnings factor ”.

(4) In paragraph 5(a) for “surplus” substitute “ earnings factor ”.

(5) In paragraph 6 (application of Part 3 of Schedule)—

(a)after “if” insert

(a)”;

(b)after paragraph (a) (created by virtue of paragraph (a) above) insert

and

(b)there would be a surplus in the pensioner's earnings factor for the year if section 44A of the Pensions Act did not apply in relation to any tax week falling in the year..

(6) In paragraph 8(1) (calculation of amount A: assumed surplus not exceeding LET), for the words from “there” to “which” substitute “ the pensioner's assumed earnings factor for the year ”; and, accordingly, in the heading before paragraph 8 for “surplus” substitute earnings factor.

(7) In paragraph 9 (calculation of amount A: assumed surplus exceeding LET)—

(a)in sub-paragraph (1), for the words from “there” to “which” substitute “ the pensioner's assumed earnings factor for the year ”;

(b)in sub-paragraph (2)(a), for “assumed surplus” substitute “ assumed earnings factor ”,

and, accordingly, in the heading before paragraph 9 for “surplus” substitute earnings factor.

(8) In paragraph 10(1)(a) (amount B), for “assumed surplus” substitute “ pensioner's assumed earnings factor ”.

(9) In paragraph 12 (interpretation)—

(a)omit the definition of “assumed surplus”;

(b)before the definition of “the QEF” insert—

the pensioner's assumed earnings factor”, in relation to a year, means the earnings factor that the pensioner would have for the year if section 44A(1) of the Pensions Act did not apply in relation to any tax week falling in the year;.

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Commencement Information

I1Sch. 3 para. 12 in operation at 3.1.2012 by S.R. 2011/441, art. 2(c)(xii)

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