KEY POINTS
- The introduction of an upper accrual point.
- The effect of the increased UEL on potential S2P entitlement.
- The reason for the setting of UAP below UEL.
- Income bands and applicable NIC rates.
- The separation of contributions and benefit entitlement.
With effect from 6 April 2009 the Pre-Budget Report announced that there will be an upper accrual point (UAP) for National Insurance contributions.
This is provided for by Pensions Act 2007 s 12 and was expected to come into effect no sooner than 2012 at the same time as the restoration of the link of the state pension with increases in earnings rather than increases in the retail prices index. At that same time (whenever it may be) various other provisions of the Act will come into effect also.
One of these...
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