Finance Act 2004

[F1 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), and

(b) if, at any time in the period beginning with 6th April 2006 and ending with the nominated date, the member has become entitled under a registered pension scheme to income withdrawal, a lifetime annuity or a scheme pension, the relevant capital amount, and

(c) if, at any time in the period beginning with 6th April 2006 and ending with the nominated date, the member has been paid a lump sum under a registered pension scheme, the amount of the lump sum.

(2) In sub-paragraph (1)(b) “the relevant capital amount” means—

(a) in relation to income withdrawal, the scheme pension capital value, as determined under paragraph 2A(3) and (4);

(b) in relation to a lifetime annuity, the annuity purchase price, as determined under paragraph 2B(3) and (4);

(c) in relation to a scheme pension under a defined benefits arrangement or a collective money purchase arrangement, the amount given by the formula—

where B and C have the same meaning as they have for the purposes of paragraph 2C(2);

(d) in relation to a scheme pension under a money purchase arrangement that is not a collective money purchase arrangement, the scheme pension purchase price, as determined under paragraph 2D(3) and (4).]

Textual Amendments

F1 Sch. 29 para. 8 substituted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024 (S.I. 2024/1167), regs. 1(2)(3), 2(3) (with reg. 6)