The Social Security Class 3A Contributions (Units of Additional Pension) Regulations 2014

• Citation: S.I. 2014/3240
• Sections: 4

Section 1 Citation and commencement

(1) These Regulations may be cited as the Social Security Class 3A Contributions (Units of Additional Pension) Regulations 2014.

(2) These Regulations come into force in Great Britain on 12th October 2015.

(3) Regulations 1, 2 and 3 come into force in Northern Ireland on the same day as the coming into force for all purposes of paragraph 17 of Schedule 15 to the Pensions Act 2014 .

Section 2 Determination of amount of a Class 3A contribution needed to obtain a unit of additional pension

(1) The amount of a Class 3A contribution needed by an eligible person to obtain a unit of additional pension is determined by the Table, subject to paragraph (2).

(2) If an eligible person pays a Class 3A contribution before reaching pensionable age the amount of contribution needed to obtain a unit of additional pension is the amount that that person would have needed to pay if on the date of payment the person had reached pensionable age.

(3) The date of payment for a Class 3A contribution is the date the contribution is received by Her Majesty’s Revenue and Customs.

Section 3 Maximum number of units of additional pension

The maximum number of units of additional pension that a person may obtain is 25.

Section 4 Specified amount for each unit of additional pension

The specified amount for the purposes of section 45(1)(b) and (2)(e) of the Social Security Contributions and Benefits Act 1992 (the additional pension in a category A retirement pension) is £1.