Point in time view as at 19/07/2006.
There are currently no known outstanding effects for the Finance Act 2004, Paragraph 8.
8(1)The value of the member’s relevant crystallised pension rights on the nominated date is the aggregate of—U.K.
(a)the value of the member’s relevant crystallised pension rights on 5th April 2006, calculated in accordance with paragraph 10 of Schedule 36 (as if the member were the individual mentioned there), as adjusted under sub-paragraph (2), and
(b)the aggregate of the amounts crystallised on benefit crystallisation events in the period beginning with 6th April 2006 and ending with the nominated date, as adjusted under sub-paragraph (3).
(2)The adjustment referred to in sub-paragraph (1)(a) is the multiplication of the value of the member’s relevant crystallised pension rights on 5th April 2006 by—
where—
SLAN is the standard lifetime allowance on the nominated date, and
FSLA is £1,500,000 (the standard lifetime allowance for the tax year 2006-07).
(3)The adjustment referred to in sub-paragraph (1)(b) is the multiplication of the amount crystallised by a previous benefit crystallisation event by—
where—
SLAN is the standard lifetime allowance on the nominated date, and
PSLA is the standard lifetime allowance when the previous benefit crystallisation event occurred.
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