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Amendment of section 202 (relief for agreed pay restructuring) of Principal Act.
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18.—(1) Section 202 of the Principal Act is amended—
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(a) in subsection (1) (a), by the substitution of the following for the definition of “specified amount”:
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“‘specified amount’, in relation to a participating employee, means—
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(a) in a case where the basic pay of the employee is subject to a reduction of at least 10 per cent but not exceeding 15 per cent, £6,000 together with £200 for each complete year of service (subject to a maximum of 20 years), up to the relevant date, of the employee in the service of the qualifying company,
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(b) in a case where the basic pay of the employee is subject to a reduction exceeding 15 per cent but not exceeding 20 per cent, £6,000 together with £500 for each complete year of service (subject to a maximum of 20 years), up to the relevant date, of the employee in the service of the qualifying company, and
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(c) in a case where the basic pay of the employee is subject to a reduction exceeding 20 per cent, £8,000 together with £600 for each complete year of service (subject to a maximum of 20 years), up to the relevant date, of the employee in the service of the qualifying company.”,
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and
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(b) in subsection (2), by the substitution in paragraph (g) of “6 April 2003” for “the 6th day of April, 2000”.
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(2) Paragraph (a) of subsection (1) shall apply and have effect as respects payments made under a relevant agreement (within the meaning of section 202 of the Principal Act) the relevant date (within that meaning) of which is after 20 July 1999.
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