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The Social Security Class 3A Contributions (Units of Additional Pension) Regulations 2014

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Draft Legislation:

This is a draft item of legislation. This draft has since been made as a UK Statutory Instrument: The Social Security Class 3A Contributions (Units of Additional Pension) Regulations 2014 No. 3240

Determination of amount of a Class 3A contribution needed to obtain a unit of additional pension

This section has no associated Explanatory Memorandum

2.—(1) The amount of a Class 3A contribution needed by an eligible person to obtain a unit of additional pension is determined by the Table, subject to paragraph (2).

Age of person on the date of paymentAmount of Class 3A contribution needed to obtain a unit of additional pension
62 (women only)£956
63 (women only)£934
64 (women only)£913
65£890
66£871
67£847
68£827
69£801
70£779
71£761
72£738
73£719
74£694
75£674
76£646
77£625
78£596
79£574
80£544
81£514
82£484
83£454
84£424
85£394
86£366
87£339
88£314
89£291
90£270
91£251
92£232
93£216
94£200
95£185
96£172
97£159
98£148
99£137
100 and over£127

(2) If an eligible person(1) pays a Class 3A contribution before reaching pensionable age(2) the amount of contribution needed to obtain a unit of additional pension is the amount that that person would have needed to pay if on the date of payment the person had reached pensionable age.

(3) The date of payment for a Class 3A contribution is the date the contribution is received by Her Majesty’s Revenue and Customs.

(1)

Eligible person is defined as a person who satisfies section 14A(2)(a) or (b) of the Social Security Contributions and Benefits Act 1992 or the Social Security Contributions and Benefits (Northern Ireland) Act 1992. Paragraphs 4 and 18 of Schedule 15 to the Pensions Act 2014 provide that section 14A has effect as if the reference to entitlement in that section includes prospective entitlement.

(2)

Pensionable age is defined in section 122(1) of the Social Security Contributions and Benefits Act 1992, substituted by paragraph 13(a) of Schedule 4 to the Pensions Act 1995 (c. 26) and section 133(1) of the Social Security Contributions and Benefits (Northern Ireland) Act 1992, substituted by paragraph 4 of Schedule 2 to the State Pension Credit Act (Northern Ireland) 2002 (c. 14).

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