Regulation 3 Limits on purchase of added years

Schedule 6 to the Contributory Fund Regulations (purchase of added years) is amended as follows.

In paragraphs 2(1)(iii) and 6(2)(iv) for “the maximum permitted” substitute “the maximum permitted by virtue of the contributions that are permitted to be made”.

In paragraph 5(5) (interrupted service) for “8(1)” substitute “8”.

For paragraph 8 (limits on purchase of added years) substitute—

“Limits on contributions for purchase of added years

8

The total amount of a participating Member’s contributions for the purchase of added years (whether made as periodical contributions or by way of lump sum) shall not in any tax year exceed—

(a)

in the case of a participating Member who holds or has held the office of Prime Minister and First Lord of the Treasury or Speaker of the House of Commons, 10% of his salary as a Member of the House of Commons, and

(b)

in the case of any other participating Member, 10% of a Member’s ordinary salary.”.