Social Security Contributions (Transfer of Functions, etc.) Act 1999

20 Payments in respect of money purchase contracted-out pension schemes to be made out of National Insurance Fund

(1) In section 177 of the [1993 c. 48.] Pension Schemes Act 1993 (general financial arrangements)—

(a) in subsection (2) (sums payable out of National Insurance Fund), before paragraph (a) there is inserted—

“(za) payments by the Inland Revenue under section 42A(3);”, and

(b) in subsection (7) (sums payable into National Insurance Fund), in paragraph (a), after “section” there is inserted “42A(5) or”.

(2) In section 172 of the [1993 c. 49.] Pension Schemes (Northern Ireland) Act 1993 (general financial arrangements)—

(a) in subsection (1) (sums payable out of Northern Ireland National Insurance Fund), before paragraph (a) there is inserted—

“(za) payments by the Department under section 38A(3);”, and

(b) in subsection (7) (sums payable into Northern Ireland National Insurance Fund), in paragraph (a), after “section” there is inserted “38A(5) or”.

(3) There shall be paid out of the National Insurance Fund into the Consolidated Fund such sum as the Secretary of State may estimate to be the amount of any payments made by the Secretary of State under subsection (3) of section 42A of the Pension Schemes Act 1993 during the period beginning with 1st April 1998 and ending with the passing of this Act, after deduction of the amount of any payments recovered by him under subsection (5) of that section during that period.

(4) There shall be paid out of the Northern Ireland National Insurance Fund into the Consolidated Fund of Northern Ireland such sum as the Department of Health and Social Services for Northern Ireland may estimate to be the amount of any payments made by the Department under subsection (3) of section 38A of the Pension Schemes (Northern Ireland) Act 1993 during the period beginning with 1st April 1998 and ending with the passing of this Act, after deduction of the amount of any payments recovered by it under subsection (5) of that section during that period.

(5) Until the coming into force of paragraph 46(2) of Schedule 1 to this Act (which amends section 42A(3) of the Pension Schemes Act 1993), the reference to the Inland Revenue in section 177(2)(za) of the [1993 c. 48.] Pension Schemes Act 1993 (as inserted by subsection (1)(a) above) shall have effect as a reference to the Secretary of State.