The Social Security (Class 1 Contributions – Contracted-out Percentages) Order 1992

• Citation: S.I. 1992/795
• Sections: 4

Section 1 Citation and commencement

This Order may be cited as the Social Security (Class 1 Contributions–Contracted-out Percentages) Order 1992, and shall come into force on 6th April 1993.

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 figure “2.0” there shall be substituted “1.8”; and

(b) for the figure “3.8” there shall be substituted “3.0”.

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 1993 the following alterations shall be made–

(a) for the figure “5.8” there shall be substituted “4.8”; and

(b) for the figure “3.8” there shall be substituted “3.0”.

Section 4 Revocation and Saving

The Social Security (Class 1 Contributions–Contracted-out Percentages) Order 1987 is hereby revoked so however that such revocation shall not affect the operation of article 3 of that Order in relation to earnings paid or payable prior to the 6th April 1993.