Part 1

State pension

Additional pension: simplification of accrual rates

Additional pension: simplified accrual rates as from flat rate introduction year
11
1
Section 45 of the SSCBA (the additional pension in a Category A retirement pension) is amended as follows.
2
In subsection (2)
(calculation of the weekly rate of additional pension) after paragraph (c) insert
; and
d
in relation to the flat rate introduction year and subsequent tax years, the weekly equivalent of the amount calculated in accordance with Schedule 4B to this Act.
3
In subsection (3A)
(tax years for which weekly rate is calculated by reference to Schedule 4A) at the end of paragraph (b) insert “ before the flat rate introduction year ”.
4
In section 122 of the SSCBA (interpretation of Parts 1 to 6) in subsection (1) at the appropriate place insert—
“the flat rate introduction year” means such tax year as may be designated as such by order;
.
5
In Schedule 2 to this Act—
a
Part 1 inserts a new Schedule 4B into the SSCBA;
b
Part 2 makes provision for up-rating the flat rate accrual amount introduced by the new Schedule 4B; and
c
Part 3 contains consequential and related amendments.