Finance Act 2004

211 Valuation of crystallised rights for purposes of section 210 U.K.

(1) The value of the member’s crystallised rights under [F1 an arrangement] on any date is the aggregate of—

(a) the value of each scheme pension or lifetime annuity to which the member has an actual (rather than a prospective) entitlement under the arrangement on that date, F2 ...

(b) the aggregate of the amount of the sums, and the market value of the assets, representing the [F3 member's drawdown pension fund] in respect of the arrangement on that date (if any)[F4 , and

(c) the aggregate of the amount of the sums, and the market value of the assets, representing the member's flexi-access drawdown fund in respect of the arrangement on that date (if any).]

(2) The value of a scheme pension or lifetime annuity is—

where—

RVF is the relevant valuation factor (see section 276), and

ARP is an amount equal to the annual rate of the pension or annuity on the date.

Textual Amendments

F1 Words in s. 211(1) substituted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 17

F2 Word in s. 211(1)(a) omitted (17.12.2014) by virtue of Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 14(a)

F3 Words in s. 211(1)(b) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 71

F4 S. 211(1)(c) and preceding word inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 14(b)

Commencement Information

I1 Ss. 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