SCHEDULE 1TRANSFER OF CERTAIN FUNCTIONS, ETC.

The Pensions Act

54

1

Section 3948 of that Act (payment of minimum contributions to personal pension schemes) is amended as follows.

2

For “Department”, in each place where it occurs, there is substituted “Inland Revenue”.

3

In subsection (4)—

a

for “is” there is substituted “are”, and

b

after “regulations” there is inserted “made by the Secretary of State”.

4

In subsection (5) for “pays” and “it is” there are substituted respectively “pay” and “they are”.

5

In subsection (6) for “pays”, “is” and “does” there are substituted respectively “pay”, “are” and “do”.

6

After subsection (6) there is added—

7

In this section “prescribed” means prescribed by regulations made by the Secretary of State.