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Regulation 16 Inland Revenue limits on contributions

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

A Class A member may not pay contributions on any pay exceeding the Revenue permitted maximum.

(2)

The total contributions to the Scheme and any other approved occupational pension scheme or approved personal pension scheme by a person in any tax year in respect of any employment in which he is a member must not exceed 15 per cent. of his pay for that year in that employment.

(3)

An occupational pension scheme or personal pension scheme is approved if it has been approved by the Commissioners of Inland Revenue under Part XIV of the Taxes Act.