The Social Security (Class 1 Contributions—Contracted-out Percentages) Order 1987

• Citation: S.I. 1987/656
• Sections: 4

Section 1 Citation and commencement

This Order may be cited as the Social Security (Class 1 Contributions—Contracted-out Percentages) Order 1987, and shall come into force on 6th April 1988.

Section 2 Alteration of contracted-out rates of Class 1 contributions

In the definition of “the contracted-out percentage” contained in section 27(2) of the Social Security Pensions Act 1975 the following alterations shall be made—

(a) for the figures “2.15” in paragraph (a) there shall be substituted “2.0”; and

(b) for the figures “4.1” in paragraph (b) there shall be substituted “3.8”.

Section 3 Consequential provision

In paragraph 2(2) of Schedule 3 to the Social Security Pensions Act 1975 (priority in bankruptcy: employer’s contributions to an occupational pension scheme), so far as the percentages specified in that paragraph apply in relation to earnings paid or payable as from 6th April 1988, the following alterations shall be made—

(a) for the figures “6.25” in paragraph (i) there shall be substituted “5.8”; and

(b) for the figures “4.1” in paragraph (ii) there shall be substituted “3.8”.

Section 4 Revocation of Order

The Social Security (Class 1 Contributions—Contracted-out Percentages) Order 1982 is hereby revoked.