SCHEDULES

SCHEDULE 32 U.K.Registered pension schemes: benefit crystallisation events—supplementary

Valid from 06/04/2006

Benefit crystallisation event 3: excepted circumstances U.K.

10 U.K.For the purposes of benefit crystallisation event 3 “excepted circumstances” means—

(a) that at the time when the annual rate of the individual’s pension is increased there are at least 50 pensioner members of the pension scheme, and

(b) all the scheme pensions being paid under the pension scheme to all the pensioner members of the pension scheme are at that time increased at the same rate.