C1C2C3C4C5C7C8C9C11Part 4Pension schemes etc

Annotations:
Modifications etc. (not altering text)
C8

Pt. 4 modified (1.7.2008) (N.I.) (with effect in accordance with reg. 1 of the amending Rule) by The Health and Social Care (Pension Scheme) Regulations (Northern Ireland) 2008 (S.R. 2008/256), regs. 1, 124(1) (with regs. 134, 258)

C11

Pt. 4 applied (21.7.2009) by Finance Act 2009 (c. 10), Sch. 35 para. 18

C11Chapter 5Registered pension schemes: tax charges

Annual allowance charge

I1C6C10C11235C11Defined benefits arrangements: uprating of opening value

1

This section applies for adjusting the opening value of the individual’s rights as calculated under section 234(4) in a case where rights do not accrue to the individual under the arrangement during the pension input period.

2

The opening value is to be increased by the appropriate percentage.

3

The appropriate percentage is whichever is the greatest of—

a

5%,

b

the percentage (if any) by which the retail prices index for the month in which the pension input period ends is higher than it was for the month in which it began, and

c

if provision made by regulations made by the Board of Inland Revenue applies in relation to the arrangement, the percentage to which the regulations refer.