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Paragraph 4 F1

Original text. Later amendments are not shown.

Where Class 1 contributions have been paid or treated as paid in respect of the year commencing on 6th April 1987, or any subsequent year, upon a person’s earnings paid in that year and, but for this paragraph, the ascertainment of any earnings factor of his in respect of such year by the application of paragraphs 2 or 3 above would have the effect that—

(a)

his earnings factor derived from those earnings, or

(b)

the aggregate of his earnings factors derived from those earnings, and any earnings credited in respect of the same year, together with any derived from Class 2 or Class 3 contributions paid or credited in that year

  • would fall short of—

    1. (i)

      the qualifying earnings factor, by an amount not exceeding £50, or

    2. (ii)

      the standard level, by an amount not exceeding £50, or

    3. (iii)

      one-half of the standard level, by an amount not exceeding £25,

  • the amount of that earnings factor as so ascertained shall, for the purpose of section 13(2)(a) of the Act, F2or section 2(4) of the Pensions Act 2014 be increased by the amount of the shortfall, and the amount resulting shall be rounded up to the nearest whole pound.

Annotations

Textual amendments

F1

Sch. 1 Pt. I substituted (6.6.1991) by The Social Security (Earnings Factor) Amendment Regulations 1991 (S.I. 1991/1165), regs. 1, 3, Sch.

F2

Words in Sch. 1 para. 4 inserted (coming into force in accordance with art. 1(2)(b) of the amending S.I.) by The Pensions Act 2014 (Consequential, Supplementary and Incidental Amendments) Order 2015 (S.I. 2015/1985), arts. 1(2)(b), 6(b)