SCHEDULES
SCHEDULE 7ADDITIONAL PENSION: CONSEQUENTIAL AMENDMENTS
The Pension Schemes (Northern Ireland) Act 1993 (c. 49)
7
The Pension Schemes Act is amended as follows.
8
1
Section 4 (meaning of “contracted-out employment” etc.) is amended as follows.
2
In subsection (2), in the definition of “minimum payment”, for “the current upper earnings limit” substitute “
the applicable limit
”
.
3
After that subsection insert—
2A
In subsection (2) “the applicable limit” means—
a
in relation to a tax year before 2009–10, the upper earnings limit;
b
in relation to 2009–10 or any subsequent tax year, the upper accrual point.
9
In section 8B(7) (contracted-out pension scheme: reference scheme), in the definition of “the applicable limit”—
a
for “the flat rate introduction year”
(in both places) substitute “
2009–10
”
, and
b
in paragraph (b), after “point” insert “
multiplied by 53
”
.
10
1
Section 37 (reduced rates of Class 1 contributions for members of salary related contracted-out schemes) is amended as follows.
2
In subsection (1) for “the applicable limit for that week” substitute “
the upper accrual point
”
.
3
Omit subsection (1ZA).
4
The amendments made by this paragraph have effect in relation to 2009–10 and subsequent tax years.
11
1
In section 38A(1)
(reduced rates of Class 1 contributions, and rebates, for members of money purchase contracted-out schemes), for “the current upper earnings limit for that week” substitute “
the upper accrual point
”
.
2
The amendment made by sub-paragraph (1) has effect in relation to 2009–10 and subsequent tax years.
12
1
In section 41(1)
(personal pensions: amount of minimum contributions), for “the current upper earnings limit for that week” substitute “
the upper accrual point
”
.
2
The amendment made by sub-paragraph (1) has effect in relation to 2009–10 and subsequent tax years.
13
1
Paragraph 2 of Schedule 3 (priority in bankruptcy etc.: employee's contributions to occupational pension scheme) is amended as follows.
2
In sub-paragraph (5), in paragraph (b) of the definition of “reckonable earnings”, for “the applicable limit” substitute “
the upper accrual point
”
.
3
Omit sub-paragraph (6).
4
The amendments made by this paragraph have effect in relation to payments made in a tax week falling in 2009–10 or any subsequent tax year.