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The National Employment Savings Trust Order 2010

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Annual contribution limit

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22.—(1) Subject to the following paragraphs, the maximum amount of contributions which may be made by, or on behalf or in respect of, a member of the Scheme in a tax year (1) (“annual contribution limit”) is £3,600.

(2) The figure in paragraph (1) is based on the average earnings index for December 2005.

(3) The annual contribution limit must be adjusted by the Trustee in accordance with changes in the average earnings index—

(a)on the first occasion, at any time before the first day on which contributions are paid to the Scheme by, or on behalf or in respect of, members of the Scheme; and

(b)by the start of every subsequent tax year.

(4) The Trustee must—

(a)pursuant to paragraph (2), calculate the annual contribution limit, following any relevant provision relating to calculation contained in rules where such provision is made; and

(b)publish that limit in any document considered appropriate by the Trustee.

(5) The Trustee may determine that paragraph (1) does not apply to a member or class of member, in relation to a particular tax year.

(6) In this article, “average earnings index” means the general index of average earnings (for all employees: whole economy: seasonally adjusted) published by the Office for National Statistics or, if that general index is not published for a month for which it is relevant for the purposes of this article, any index or index figures published by that Office in substitution for that general index.

(1)

“Tax year” is defined in section 99 of the Act and in section 78 of the NI Act.

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