Part 1 Great Britain
Pensions Act 2014 (2014 c 19) | Legislation

SCHEDULE 15 Option to Boost Old Retirement Pensions

Section 25

Part 1 Great Britain

Social Security Contributions and Benefits Act 1992 (c 4)

1

The Social Security Contributions and Benefits Act 1992 is amended as follows.

2

(1)     Section 1 (outline of contributory system) is amended as follows.

(2)     In subsection (2)—

(a)     omit “sixâ€;

(b)     in paragraph (d), after “making up entitlement;†insert—

“(da)     Class 3A, payable by eligible people voluntarily under section 14A with a view to obtaining units of additional pension;â€.

(3)     In subsection (4)(a), for “and 3†substitute “, 3 and 3Aâ€.

3

After section 14 insert—

“Class 3A contributions
14A Class 3A contributions in return for units of additional pension

(1)     An eligible person is entitled to pay a Class 3A contribution in return for a unit of additional pension.

(2)     A person is eligible to pay a Class 3A contribution if the person—

(a)     is entitled to a Category A, Category B or Category D retirement pension or graduated retirement benefit, or

(b)     has deferred entitlement to a Category A or Category B retirement pension or graduated retirement benefit.

(3)     The amount of a Class

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