[F145ADetermination and alteration of rates of minimum contributions under section 45E+W+S
(1)The Secretary of State shall at intervals of not more than five years lay before each House of Parliament—
(a)a report by the Government Actuary or the Deputy Government Actuary on the percentages which, in his opinion, are required to be specified in an order under this section so as to reflect the cost of providing benefits of an actuarial value equivalent to that of the benefits which, under section 48A, are foregone by or in respect of members of appropriate personal pension schemes,
(b)a report by the Secretary of State stating what, in view of the report under paragraph (a), he considers those percentages should be, and
(c)a draft of an order under subsection (2).
(2)An order under this subsection—
(a)shall have effect in relation to a period of tax years (not exceeding five), and
(b)may, for each of the tax years for which it has effect, specify different percentages in respect of earners by reference to their ages on the last day of the preceding year (the percentage for each group of earners being “the appropriate age-related percentage” in respect of earners in that group for the purposes of section 45).
(3)If the draft of an order under subsection (2) is approved by resolution of each House of Parliament, the Secretary of State shall make the order in the form of the draft.
(4)An order under subsection (2) shall have effect from the beginning of such tax year as may be specified in the order, not being a tax year earlier than the second after that in which the order is made.
(5)Subsection (2) is without prejudice to the generality of section 182]
Textual Amendments
F1S. 45A inserted (13.3.1996 for specified purposes, 6.4.1997 in so far as not already in force) by Pensions Act 1995 (c. 26), ss. 138(5), 180(1); S.I. 1996/778, art. 2(1), Sch. Pt. 1; S.I. 1997/664, art. 2(3), Sch. Pt. 2
Modifications etc. (not altering text)
C1Pt. III applied (with modifications) (6.4.1997) by The Occupational Pension Schemes (Mixed Benefit Contracted-out Schemes) Regulations 1996 (S.I. 1996/1977), regs. 1(1), 2(4)(a)-(f)
C2Pt. III applied (with modifications) (6.4.1997) by The Contracting-out (Transfer and Transfer Payment) Regulations 1996 (S.I. 1996/1462), regs. 1(1), 12, 13, Sch. 2 (with reg. 14, Sch. 4)
C3Pt. III: power to modify conferred (1.6.1996 for specified purposes, 6.4.1997 in so far as not already in force) by Pensions Act 1995 (c. 26), ss. 149(1), 180(1); S.I. 1996/778, art. 2(6); S.I. 1997/664, art. 2(3), Sch. Pt. 2
C4S. 45A(2) modified (11.11.1999 for specified purposes, 1.10.2000 in so far as not already in force) by Welfare Reform and Pensions Act 1999 (c. 30), ss. 7(2), 89(5)(a) (with ss. 7(3), 8); S.I. 2000/1047, art. 2(2)(c), Sch. Pt. 3