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The Police Service of Northern Ireland Pensions (Amendment) Regulations 2006

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20.  After paragraph 3 of the Schedule there is inserted—

Inland Revenue limits on contributions

4.(1) The amounts of the payments to be made in accordance with paragraphs 2 and 3(1)(b) of this Schedule in any tax year must not, when aggregated with any other contributions payable by the member under the principal regulations or the Royal Ulster Constabulary Pensions (Additional Voluntary Contributions) Regulations 1993(1), exceed the amount in respect of which the member is allowed a deduction for that year under section 594(1) of the Income and Corporation Taxes Act 1988(2) (tax relief for contributions to exempt statutory schemes).

(2) The amounts of the payments to be made in accordance with paragraphs 1, 2 and 3 in any calendar month must not, when so aggregated, exceed one twelfth of the amount in respect of which the member is allowed a deduction for the tax year in which the month falls under section 594(1) of the Income and Corporation Taxes Act 1988 (by virtue of which contributions payable by a Class A member in a tax year must not exceed the permitted maximum for the year).

(3) Where a lump sum payment is reduced by virtue of this paragraph the member’s number of additional sixtieths is reduced in accordance with the following formula—

where—

A is the member’s number of additional sixtieths,

B is the amount of the reduced payment, and

C is the amount that the payment would be if the reduction under this paragraph were not made.

(4) For each periodical contribution payment that is reduced by virtue of this paragraph the member’s number of additional sixtieths is reduced in accordance with the following formula—

where—

A is the member’s number of additional sixtieths,

B is the period to which the periodical contribution relates (expressed as a fraction of a year),

C is the amount of the reduced periodical contribution,

D is the period over which the periodical contributions are payable (expressed as a fraction of a year), and

E is the amount that the periodical contribution would be if the reduction under this paragraph were not made.

(5) In this paragraph “tax year” means a year of assessment..

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