United Kingdom Statutory Instruments

(a) in relation to a payment of salary made in respect of a period beginning on or after 1st April 1992 and ending before 15th July 2002, is 6 per cent; and

(b) in relation to a period beginning on or after 15th July 2002,


(i) is 9 per cent; or

(ii) where a participant opts to contribute at a reduced rate, is 6 per cent.

    "(2A) Where a person who is a Representative on 15th July 2002 so opts, the appropriate percentage - 

(a) in relation to a payment of salary made in respect of a period beginning on or after 1st April 1992 and ending before 5th July 2001, is 6 per cent; and

(b) in relation to a period beginning on or after 5th July 2001 is 9 per cent.

    "(2B) A participant shall make the options referred to in paragraphs (2) and (2A) above by giving notice in writing to the Managers - 

(a) in the case of a participant who is a Representative on 15th July 2002, no later than 31st July 2003, or

(b) in the case of a participant who has been a Representative but who is not a Representative on 15th July 2002, not more than 3 months after the date of the general election or by-election at which he is next re-elected as a Representative; and

(c) otherwise not more than three months after the date of the general election or by-election at which he is elected for the first time as a Representative.

    "(2C) Where the option referred to in paragraph (2) is exercised in accordance with sub-paragraph (a) of paragraph (2B), the effective date of the option is 15th July 2002; and there shall be repaid to the participant the difference between any contributions deducted from his salary at the rate of 9 per cent since the effective date and the contributions which would have been deducted from it at the rate of 6 per cent.

    "(2D) Where the option referred to in paragraph (2) is exercised in accordance with sub-paragraph (b) or (c) of paragraph (2B), the effective date of the option is the date of the election referred to in sub-paragraph (b) or (c); and there shall be repaid to the participant the difference between any contributions deducted from his salary at the rate of 9 per cent since the effective date and the contributions which would have been deducted from it at the rate of 6 per cent.

    "(2E) Where the option referred to in paragraph (2A) is exercised, the effective date of the option is 5th July 2001; and the participant shall pay to the Managers within twenty-eight days of the exercise of the option, or within such longer period as the Managers may in their discretion determine, the sum certified by the Managers as being the additional amount which would have been deducted from his salary had contributions been deducted from it at the rate of 9 per cent from the effective date.".