(1)This table sets out—
(a)the events which are benefit crystallisation events in relation to the individual, and
(b)the amount which is crystallised by each of those events.
| BENEFIT CRYSTALLISATION EVENTS | AMOUNT CRYSTALLISED |
|---|---|
| 1. The designation of sums or assets held for the purposes of a money purchase arrangement under any of the relevant pension schemes as available for the payment of unsecured pension to the individual | The aggregate of the amount of the sums and the market value of the assets designated |
| 2. The individual becoming entitled to a scheme pension under any of the relevant pension schemes | RVF × P |
| 3. The individual, having become so entitled, becoming entitled to payment of the scheme pension, otherwise than in excepted circumstances, at an increased annual rate which exceeds by more than the permitted margin the rate at which it was payable on the day on which the individual became entitled to it | RVF × XP |
| 4. The individual becoming entitled to a lifetime annuity purchased under a money purchase arrangement under any of the relevant pension schemes | The aggregate of the amount of such of the sums, and the market value of such of the assets, representing the individual’s rights under the arrangement as are applied to purchase the lifetime annuity |
| 5. The individual reaching the age of 75 when prospectively entitled to a scheme pension or a lump sum (or both) under a defined benefits arrangement under any of the relevant pension schemes | (RVF × DP) + DSLS |
| 6. The individual becoming entitled to a relevant lump sum under any of the relevant pension schemes | The amount of the lump sum |
| 7. A person being paid a relevant lump sum death benefit in respect of the individual under any of the relevant pension schemes | The amount of the lump sum death benefit |
| 8. The transfer of sums or assets held for the purposes of, or representing accrued rights under, any of the relevant pension schemes so as to become held for the purposes of or to represent rights under a qualifying recognised overseas pension scheme in connection with the individual’s membership of that pension scheme | The aggregate of the amount of any sums transferred and the market value of any assets transferred |
(2)Schedule 32 gives the meaning of expressions used in the table in subsection (1).