PART XIV PENSION SCHEMES, SOCIAL SECURITY BENEFITS, LIFE ANNUITIES ETC.
CHAPTER III RETIREMENT ANNUITIES
618 Termination of relief under this Chapter, and transitional provisions.
F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
619 Exemption from tax in respect of qualifying premiums.
F2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
620 Qualifying premiums.
F3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
621 Other approved contracts.
F4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
622 Substituted retirement annuity contracts.
F5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
623 Relevant earnings.
F6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
624 Sponsored superannuation schemes and controlling directors.
F7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
625 Carry-forward of unused relief under section 619.
F8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
626 Modification of section 619 in relation to persons over 50.
F9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F10627 Lloyd’s underwriters.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
628 Partnership retirement annuities.
F11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
C1629 Annuity premiums of Ministers and other officers.
M11
For the purposes of this Chapter so much of any salary which—
a
is payable to the holder of a qualifying office who is also a Member of the House of Commons, and
b
is payable for a period in respect of which the holder is not a participant in relation to that office in arrangements contained in the Parliamentary pension scheme but is a participant in relation to his membership of the House of Commons in any such arrangements, or for any part of such a period,
as is equal to the difference between a Member’s pensionable salary and the salary which (in accordance with any such resolution as is mentioned in subsection (3)(a) below) is payable to him as a Member holding that qualifying office shall be treated as remuneration from the office of Member and not from the qualifying office.
2
In this section—
“Member’s pensionable salary” means a Member’s ordinary salary under any resolution of the House of Commons which, being framed otherwise than as an expression of opinion, is for the time being in force relating to the remuneration of Members or, if the resolution provides for a Member’s ordinary salary thereunder to be treated for pension purposes as being at a higher rate, a notional yearly salary at that higher rate;
“qualifying office” means an office mentioned in section 2(2)(b), (c) or (d) of the Parliamentary and other M2Pensions Act 1987;
“the Parliamentary pension scheme” has the same meaning as in that Act;
and without prejudice to the power conferred by virtue of paragraph 13 of Schedule 1 to that Act, regulations under section 2 of that Act may make provision specifying the circumstances in which a person is to be regarded for the purposes of this section as being or not being a participant in relation to his Membership of the House of Commons, or in relation to any office, in arrangements contained in the Parliamentary pension scheme.
3
In subsection (2) above “a Member’s ordinary salary”, in relation to any resolution of the House of Commons, means—
a
if the resolution provides for salary to be paid to Members at different rates according to whether or not they are holders of particular offices, or are in receipt of salaries or pensions as the holders or former holders of particular offices, a Member’s yearly salary at the higher or highest rate; and
b
in any other case, a Member’s yearly salary at the rate specified in or determined under the resolution.