[42A Reduced rates of Class 1 contributions, and rebates]
Pension Schemes Act 1993 (1993 c 48) | Legislation

[Reduced rates of contributions, and rebates, for members of money purchase contracted-out schemes]

[42A  Reduced rates of Class 1 contributions, and rebates]

[[(1) Subsections (2) to [(2D) and (3)] apply where—

(a) the earnings paid to or for the benefit of an earner in any tax week are in respect of an employment which is contracted-out employment at the time of the payment, and

(b) the earner's service in the employment is service which qualifies him for a pension provided by a money purchase contracted-out scheme;

and in subsections (2) and (2A) “the relevant part”, in relation to those earnings, means so much of those earnings as exceeds the current lower earnings limit but not [the upper accrual point] (or the prescribed equivalents if the earner is paid otherwise than weekly).

[(2) The amount of any primary Class 1 contribution [attributable to section 8(1)(a) of the Social Security Contributions and Benefits Act 1992] in respect of the earnings shall be reduced by an amount equal to the appropriate flat-rate percentage of the relevant part of the earnings (“Amount R1”).

(2A) The

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