The Social Security (Reduced Rates of Class 1 Contributions and Rebates) (Money Purchase Contracted-out Schemes) Order 1996

• Citation: S.I. 1996/1055
• Sections: 2

Section 1 Citation and commencement

This Order may be cited as the Social Security (Reduced Rates of Class 1 Contributions and Rebates) (Money Purchase Contracted-out Schemes) Order 1996 and shall come into force on 6th April 1997.

Section 2 Reduced rates of Class 1 contributions and rebates

For the purposes of section 42A of the Pension Schemes Act 1993—

(a) the appropriate flat-rate percentage in respect of earners for the tax years 1997—98 and 1998–99 , in the case of a primary Class 1 contribution is 1.6 per cent and, in the case of a secondary Class 1 contribution is 1.5 per cent;

(b) the appropriate age-related percentages in respect of earners in the tax years 1997—98 and 1998–99 are those specified in the Table in the Schedule to this Order by reference to their ages on the last day of the preceding tax year.