21.—(1) Regulation 30 (members’ contributions: employees)(1) is amended as follows.
(2) In paragraph (3)—
(a)for “year 2023/24”, substitute “years 2024/25 to 2027/28”;
(b)for the table, substitute—
| Column 1 | Column 2 |
|---|---|
| Pensionable earnings band | Contribution percentage rate |
| Up to £13,259 | 5.2% |
| £13,260 to £26,831 | 6.5% |
| £26,832 to £32,691 | 8.3% |
| £32,692 to £49,078 | 9.8% |
| £49,079 to £62,924 | 10.7% |
| £62,925 and above | 12.5%.”. |
(3) In paragraph (3A)—
(a)for “year 2023/24”, substitute “years 2024/25 to 2027/28”;
(b)for the table, substitute—
| Column 1 | Column 2 |
|---|---|
| Pensionable earnings band | Contribution percentage rate |
| Up to £13,259 | 5.2% |
| £13,260 to £26,831 | 6.5% |
| £26,832 to £32,691 | 8.3% |
| £32,692 to £49,078 | 9.8% |
| £49,079 to £62,924 | 10.7% |
| £62,925 and above | 12.5%.”. |
(4) After paragraph (6), insert—
“(7) The figures in column 1 of the tables in paragraph (3) and (3A) (except the figures £13,259 and £13,260) are to be increased at the beginning of each scheme year starting with the scheme year 2025/26, and ending with (and including) scheme year 2027/28, if there is a relevant increase in the consumer prices index for that scheme year, by the appropriate percentage for the scheme year rounded up to the nearest £1.
(8) For the purposes of paragraph (7)—
(a)there is a relevant increase in the consumer prices index for a scheme year if the consumer prices index for the month of September before that scheme year is higher than that for the previous September;
(b)the appropriate percentage for the scheme year is the same percentage as any percentage increase in the consumer prices index over the period specified by sub-paragraph (a);
(c)the “consumer prices index” means the general index of consumer prices (for all items) published by the Statistics Board, a body corporate established by section 1 of the Statistics and Registration Service Act 2007(2);
(d)where there is a relevant increase after 1st April 2025, the figures to be increased on the relevant date are the figures applicable to the previous scheme year.”.
Regulation 30 was amended by S.I. 2019/418, 2022/273 (which was amended by 2022/991 and 2023/301) and 2023/576.