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Finance Act 2004
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- UK Public General Acts
- 2004 c. 12
- SCHEDULE 32
- Benefit crystallisation events 1...
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Changes over time for: Cross Heading: Benefit crystallisation events 1 and 5: hybrid arrangements
Version Superseded: 01/08/2022
Alternative versions:
- 06/04/2006- Amendment
- 19/07/2011- Amendment
- 26/03/2015
Point in time - 01/08/2022- Amendment
- 06/04/2024- Amendment
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Point in time view as at 26/03/2015.
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Finance Act 2004, Cross Heading: Benefit crystallisation events 1 and 5: hybrid arrangements is up to date with all changes known to be in force on or before 13 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Benefit crystallisation events 1 and 5: hybrid arrangementsU.K.
5(1)This paragraph applies where—U.K.
(a)immediately before the individual reaches the age of 75, there is under any of the relevant pension schemes a hybrid arrangement relating to the individual, and
(b)the benefits that may be provided to or in respect of the individual under the arrangement may, depending on the circumstances, be money purchase benefits or defined benefits.
(2)Benefit crystallisation event 1 applies as if, at that time, the circumstances are such that the benefits to be provided are money purchase benefits F1....
(3)Benefit crystallisation event 5 applies as if, at that time, the circumstances are such that the benefits to be provided are defined benefits.
(4)The amount crystallised is the greater of the amounts crystallised by the two benefit crystallisation events.
Textual Amendments
F1Words in Sch. 32 para. 5(2) omitted (with effect in accordance with Sch. 16 paras. 85, 104(1) of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 80(4)
Modifications etc. (not altering text)
C1Sch. 32 modified (6.4.2006) by The Pensions Schemes (Application of UK Provisions to Relevant Non-UK Schemes) Regulations 2006 (S.I. 2006/207), regs. 1(1), 16
C2Sch. 32 applied (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 23(5)
Commencement Information
I1Ss. 160-274, 281, Schs. 30-35 in force at 6.4.2006 but any power to make an order or regulations under those provisions may be exercised at any time after Royal Assent, see s. 284
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