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Schedule 7 Limitation of Payments under Part C

Original text. Later amendments are not shown.

If the amount payable by a pensionable employee by way of additional contributions in pursuance of a consent given under regulation 43 of the 1981 regulations or an election made under regulations C5 or C9 or the amount of an instalment payable in pursuance of an election under regulation C9, as the case may be, when aggregated with—

(a)

any other amounts payable by him under any of those regulations in addition to the first-mentioned amount; and

(b)

the amount payable by him by way of contributions under regulation C1,

exceeds 15% of his remuneration, he shall satisfy his liability in respect of the excess over 15% by payment in a lump sum of a sum calculated by the Government Actuary to represent the capital value of the excess.