Section 14A Class 3A contributions in return for units of additional pensionF1
An eligible person is entitled to pay a Class 3A contribution before the cut-off date, in return for a unit of additional pension.
The cut-off date is—
5th April 2017, or
if later the end of the 30-day period beginning with the day on which the person is sent information about Class 3A contributions by Her Majesty’s Revenue and Customs in response to a request made before 6th April 2017.
A person is eligible to pay a Class 3A contribution if the person—
is entitled to a Category A, Category B or Category D retirement pension or graduated retirement benefit, or
has deferred entitlement to a Category A or Category B retirement pension or graduated retirement benefit.
The amount of a Class 3A contribution needed to obtain a unit of additional pension is to be determined in accordance with regulations made by the Treasury.
Before making those regulations the Treasury must consult the Government Actuary or the Deputy Government Actuary.
A person—
may pay Class 3A contributions on more than one occasion, but
may not obtain more than the maximum number of units of additional pension.
The maximum number of units of additional pension that a person may obtain is to be specified by the Treasury in regulations.
In this section “deferred”, in relation to graduated retirement benefit, has the meaning given by section 36(4A) of the National Insurance Act 1965.
For the meaning of “deferred” in relation to a Category A or Category B retirement pension, see section 55(3) of this Act.
Annotations
Textual amendments
- F1
Ss. 14A-14C and cross-heading inserted (1.10.2014 for specified purposes, 12.10.2015 in so far as not already in force) by Pensions Act 2014 (c. 19), s. 56(1), Sch. 15 para. 3 (with Sch. 15 para. 4); S.I. 2014/2377, art. 2(1)(a)(ii)(3)(d)(i); S.I. 2015/1475, art. 3(b)
- F2
S. 14A(1)(1A) substituted for s. 14A(1) (12.10.2015) by The Social Security Class 3A Contributions (Amendment) Regulations 2014 (S.I. 2014/2746), regs. 1(2), 2
Notes on Part I
Modifications
- C1
Pt. 1 modified (2.4.1999) by The New Deal (25 plus) (Miscellaneous Provisions) Order 1999 (S.I. 1999/779), arts. 1(1), 2
- C2
Pt. 1 modified (6.4.2001) by The Social Security (Contributions) Regulations 2001 (S.I. 2001/1004), regs. 1(1), 125 (as amended (6.4.2017) by S.I. 2017/416, regs. 1(2), 2; (6.4.2019) by S.I. 2019/555, regs. 1(2), 2)
- C3
Pt. 1 modified (13.9.2001) by The New Deal (Lone Parents) (Miscellaneous Provisions) Order 2001 (S.I. 2001/2915), arts. 1(1), 2
- C4
Pt. 1 modified (for the tax year 2022-23) by Health and Social Care Levy Act 2021 (c. 28), s. 5(2) (with s. 7(2)) (which Act was repealed (25.10.2022) by Health and Social Care Levy (Repeal) Act 2022 (c. 43), s. 1 (with savings and transitional modifications of Pt. 1 in s. 2, Sch. paras. 1-3, 5))
- C5
Pt. 1 modified (in relation to the tax year 2023-24) by National Insurance Contributions (Reduction in Rates) Act 2023 (c. 57), Sch. para. 1(1)-(3)