National Insurance Contributions Bill
Orders of the Day
David Gauke (Shadow Minister, Treasury; South West Hertfordshire, Conservative)
Right. Well, I want to make it clear that the HMRC impact assessment refers to the 2.1 million people with earnings above the upper earnings limit who have contracted out. The assessment states:
"These individuals will either see a reduction in their take home pay (as they will get a lower rebate on their NICs than would otherwise have been the case) or a reduction in the money that goes into their pension scheme compared to not introducing the UAP until 2012/13."
Does the Financial Secretary agree?