Part 4 Pension schemes etc

Chapter 5 Registered pension schemes: tax charges

Unauthorised payments charge

211 Valuation of crystallised rights for purposes of section 210

(1) The value of the member’s crystallised rights under the 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, and

(b) the aggregate of the amount of the sums, and the market value of the assets, representing the member’s unsecured pension fund or alternatively secured pension fund in respect of the arrangement on that date (if any).

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

RVF × ARP

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.