SCHEDULE 1TRANSFER OF CERTAIN FUNCTIONS, ETC.

The Pensions Act

52

1

Section 38A46 of that Act (reduced rates of Class 1 contributions and rebates for members of money purchase contracted-out schemes) is amended as follows.

2

In subsection (3), for “Department” there is substituted “Inland Revenue”.

3

In subsection (4) after “Regulations” there is inserted “made by the Secretary of State”.

4

In subsection (5)—

a

for “Department”, in each place it occurs, there is substituted “Inland Revenue”, and

b

for “pays”, in both places where it occurs, “it”,in the first place where it occurs, and “is”, in each place where it occurs, there are substituted respectively “pay”, “they” and “are”.

5

After subsection (7) there is added—

8

In subsections (3), (4) and (6) “prescribed” means prescribed by regulations made by the Secretary of State.