Social Security (Amendment of Law No. 3) (Jersey) Regulations 2012

Made                                                                     8th November 2012

Coming into force                                                     1st January 2013

THE STATES, in pursuance of Article 50 of the Social Security (Jersey) Law 1974[1], have made the following Regulations –

1        Article 9A of the Social Security (Jersey) Law 1974 substituted

For Article 9A of the Social Security (Jersey) Law 1974[2] there shall be substituted the following Article –

“9A   Contributions by States to supplementation

(1)     The amount required by Article 4(3) to be paid into the Social Security Fund shall be determined annually, for 2013 and ensuing years, in accordance with this Article.

(2)     Where the year is the first year of a medium term financial plan, the amount to be paid for the year shall be the product of the following formula –

(A - B) x (1 + C)2

Where –

(a)     A is the total amount required, for the base year, for the purpose of supplementing contributions in accordance with Article 9, reported in the accounts prepared in accordance with Article 30(4);

(b)     B is –

(i)      for the purpose of determining the amount payable in 2013, £6,900,000;

(iii)     for the purpose of determining the amount payable for any subsequent first year of a medium term financial plan, the aggregate of the following amounts –

(A)    the Class 1 secondary contributions paid for the base year in accordance with paragraph 3(2)(c) of Schedule 1A,

(B)     the full rate Class 2 contributions paid for the base year in accordance with paragraph 3(c) of Schedule 1B, and

(C)     the reduced rate Class 2 contributions paid for the base year in accordance with paragraph 4(c) of Schedule 1B,

as those amounts are reported in the accounts prepared in accordance with Article 30(4); and

(c)     C is the percentage rise or fall in the Jersey Index of Earnings in the base year.

(3)     If B is equal to or greater than A, no money is required to be paid for the year.

(4)     Where the year is the second or any subsequent year of a medium term financial plan, the amount to be paid shall be the product of the following formula –

D x (1 + C)

Where –

(a)     D is the amount paid under this Article for the preceding year; and

(b)     C is the percentage rise or fall in the Jersey Index of Earnings in the base year.

(5)     The amount to be paid under this Article for a year may be paid in a lump sum or in instalments, and at such time or times, as the Minister determines.

(6)     In this Article –

‘base year’ means the year 2 years before the first year of a medium term financial plan;

‘first year of a medium term financial plan’ means the first financial year to which a medium term financial plan relates, and references to the second or any subsequent year of a medium term financial plan shall be construed accordingly;

‘medium term financial plan’ means a plan prepared in accordance with Article 7(1) of the Public Finances (Jersey) Law 2005[3] and approved by the States.”.

2        Citation and commencement

These Regulations may be cited as the Social Security (Amendment of Law No. 3) (Jersey) Regulations 2012 and shall come into force on 1st January 2013.

L.-M. Hart

Assistant Greffier of the States

 


 



[1]                                    chapter 26.900

[2]                                    chapter 26.900

[3]                                    chapter 24.900


Page Last Updated: 16 Jun 2015