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The Social Security (Reduced Rates of Class 1 Contributions and Rebates) (Money Purchase Contracted-out Schemes) Order (Northern Ireland) 1996
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- 1996 No. 150
- Explanatory Note
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Explanatory Note
(This note is not part of the Order.)
This Order, which corresponds to an Order (S.I. 1996/1055) made by the Secretary of State for Social Security under section 42B of the Pension Schemes Act 1993, specifies with effect from 6th April 1997 the appropriate flat-rate percentage and the appropriate age-related percentages in respect of members of money purchase contracted-out schemes.
Section 38B of the Pension Schemes (Northern Ireland) Act 1993, the enabling provision under which this Order is made, was inserted by Article 134(4) of the Pensions (Northern Ireland) Order 1995. The Pensions (1995 Order) (Commencement No. 2) Order (Northern Ireland) 1996 (S.R. 1996 No. 91 (C. 4)) provides for the coming into operation of Article 134(4) on 14th March 1996 for the purpose only of authorising the making of orders.
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