Part 2
320.The amendments in Part 2 are intended to be brought into force at a date later than the abolition date. The purpose of bringing the amendments in Part 2 of the Schedule into force at a later date is to ensure that the existing statutory mechanisms for HMRC to deal with administrative matters concerning the contracted-out rebate and certification of schemes etc. remain in place until any matters outstanding at the date of abolition of COMPs and APPs have been dealt with before the amendments are brought into force.
Social Security Contributions and Benefits Act 1992
321.Paragraph 42 makes amendments to section 4C (regulation-making power in respect of retrospective tax legislation) to reflect the abolition of COMPs and APPs.
322.Paragraphs 43 and 44 make amendments to sections 8 and 9 respectively (calculation of primary and secondary Class 1 contributions) to remove references to section 42A of the PSA1993, which is to be repealed.
323.Paragraph 45 makes amendments to Schedule 1, which deals with the calculation of national insurance contributions in cases where an earner is employed in more than one employment, to reflect the fact that COMPs and APPs are being abolished.
Pension Schemes Act 1993
324.Paragraph 47 omits section 8(3), which allows for regulations to be made in relation to the manner in which minimum payments are to be made etc. Minimum payments derive from the contracted-out rebate and are paid to a COMP in respect of earners in contracted out employment.
325.Paragraph 48 amends section 20(3) to omit a reference to sections that are being repealed by the Act
326.Paragraph 49 omits section 31 which currently provides for the investment and resources of schemes.
327.Paragraph 50 omits section 40(b), which currently provides for contributions to be paid by HMRC in respect of earners who are members of COMPs and APPs.
328.Paragraph 51 omits section 42A, which provides for the calculation of national insurance rebates in respect of contracted-out employment in a COMP.
329.Paragraph 52 omits section 43, which provides for HMRC to make minimum contributions to an APP which is an earner’s chosen scheme.
330.Paragraph 53 omits section 45, which provides for the calculation of minimum contributions.
331.Paragraph 54 omits section 45B, which provides a power to make regulations dealing with the verification of ages for the purpose of determining “appropriate age-related percentages”, and provides a power to disclose information in connection with contracted-out rebates.
332.Paragraphs 55, 56, and 57 amend sections 50, 164 and 177 respectively to reflect the repeal of sections 42A, 43 and 45.
333.Paragraph 58 omits the definition of “minimum contributions” in section 181(1) and omits a reference to section 43 in section 181(4). Minimum contributions are made to APPs, and will therefore no longer be required.
334.Paragraph 59 amends Schedule 2 (certification regulations) by making a correction to paragraphs 4 and 6 to reflect the fact that section 66 has been repealed, and by amending the list of provisions in paragraph 5 to reflect repeals in this Schedule.
335.Paragraph 60 amends Schedule 4 (priority in bankruptcy) to reflect the fact that COMPs will no longer exist.
