NIM02797 - Class 1 NICs: earnings of
employees and office holders: retirement benefits schemes from 6th
April 2006: employer-financed pension only schemes: payments out of
such schemes
Paragraphs 9(1)(b) and 10 of Part 6 of Schedule 3 to the Social
Security (Contributions) Regulations 2001 (as inserted by
regulation 8(7) of the Social Security (Contributions) (Amendment
No. 2) Regulations 2006)
The conditions that need to be satisfied for a payment out of an
employer-financed pension only scheme (“EFPOS”;
NIM02795) to be disregarded in the
calculation of earnings are the same as those apply to a payment
out of an employer-financed retirement benefits scheme
(“EFRBS”;
NIM02756). So you should follow the
guidance in
NIM02760 (contents) - NIM02784, but
reading any reference to an ERFBS as if it were a reference to an
EFPOS.
For details of:
- the Class 1 NICs position on an
employer’s payments into an EFPOS, see
NIM02796
- the Class 1A NICs position on a payment
out of an EFPOS, see
NIM14510.
