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Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.
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5 provisions
Title and introductory text
2014 No. 3240
Social Security
The Social Security Class 3A Contributions (Units of Additional Pension) Regulations 2014
Made
8th December 2014
Coming into force in accordance with regulation 1(2) and (3)
These Regulations are made by the Treasury and the Secretary of State.
The powers exercised by the Treasury are those conferred by section 14A(3) (the Treasury having consulted the Government Actuary) and 14A(6) of, and paragraph 8(1)(q) of Schedule 1 to, the Social Security Contributions and Benefits Act 1992 and section 14A(3) (the Treasury having consulted the Government Actuary) and 14A(6) of, and paragraph 8(1)(q) of Schedule 1 to, the Social Security Contributions and Benefits (Northern Ireland) Act 1992 and now exercisable by them.
The powers exercised by the Secretary of State are those conferred by section 45(2A) of the Social Security Contributions and Benefits Act 1992. Regulation 4 of this instrument is made before the end of the period of six months beginning with the coming into force of the relevant amendments made to the Social Security Contributions and Benefits Act 1992.
Propose a change1 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.
Propose a change2 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).
Age of person on the date of payment | Amount of Class 3A contribution needed to obtain a unit of additional pension
62 (women only) | £956
63 (women only) | £934
64 (women only) | £913
65 | £890
66 | £871
67 | £847
68 | £827
69 | £801
70 | £779
71 | £761
72 | £738
73 | £719
74 | £694
75 | £674
76 | £646
77 | £625
78 | £596
79 | £574
80 | £544
81 | £514
82 | £484
83 | £454
84 | £424
85 | £394
86 | £366
87 | £339
88 | £314
89 | £291
90 | £270
91 | £251
92 | £232
93 | £216
94 | £200
95 | £185
96 | £172
97 | £159
98 | £148
99 | £137
100 and over | £127
(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.
Propose a change3 Maximum number of units of additional pension
The maximum number of units of additional pension that a person may obtain is 25.
Propose a change4 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.
Propose a change