No versions valid at: 01/04/2006
Point in time view as at 01/04/2006. This version of this cross heading contains provisions that are not valid for this point in time.
There are currently no known outstanding effects for the Finance Act 2004, Paragraph 12.
Valid from 06/04/2006
12(1)This paragraph applies for the purposes of benefit crystallisation event 3 if the individual became entitled to the pension before 6th April 2006.U.K.
(2)The permitted margin is the greater of—
(a)what would be the permitted margin at that time if the individual had become entitled to the pension on or after that date (see paragraph 11), and
(b)the amount by which the annual amount of the pension at the rate at which it was payable on the day on which the individual became entitled to it would be greater if it had been increased for the whole of the period specified in sub-paragraph (3) of that paragraph at the rate of P% per annum.
(3)“P%” is the percentage by which, in accordance with the rules of the pension scheme immediately before 6th April 2006, the annual rate of the pension is to be increased each year.
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