Finance Act 2021

9 (1) Section 212 (valuation of uncrystallised rights for purposes of section 210) is amended as follows. U.K.

(2) In subsection (3)—

(a) in paragraph (b), for “other than a cash balance arrangement” substitute “ that is neither a cash balance arrangement nor a collective money purchase arrangement ”;

(b) in paragraph (c), after “defined benefits arrangement” insert “ or a collective money purchase arrangement ”.

(3) For subsections (7) to (10) substitute—

“(7) If this subsection applies, the value of the member's uncrystallised rights under the arrangement on the date (“the hybrid value”) is to be calculated by taking the following steps—

• Step 1 In relation to each relevant variety of benefits, calculate (in accordance with the preceding provisions of this section) the value of the member's uncrystallised rights on the date, assuming that benefits of that variety are provided under the arrangement.

• Step 2 The hybrid value is the higher or highest of the amounts determined under step 1.”

(8) For the purposes of this section a variety of benefits is “relevant” in relation to a hybrid arrangement if, in any circumstances, benefits of that variety may be provided under the arrangement.

(9) In this section “variety of benefits” means a variety of benefits specified in section 152(10).”

Commencement Information

I1 Sch. 5 para. 9 in force at 1.8.2022 for the purposes of the amendments made by that paragraph by S.I. 2022/874, reg. 2