Transfer of crystallised rights with enhanced protection36

1

In the case of an individual who meets the conditions in paragraph (2), paragraph 15 of Schedule 36 (definition of the “relevant crystallised amount”) is modified in accordance with paragraph (3).

2

The conditions are—

  • Condition A

    The individual is one to whom paragraph 12 of Schedule 36 applies.

  • Condition B

    The individual is in receipt of a scheme pension.

  • Condition C

    The pension scheme of which the individual is a member makes a recognised transfer of sums or assets in connection with the winding up of the pension scheme.

3

Paragraph 15 is modified as follows—

a

at the end of sub-paragraph (1) add—

This paragraph is subject to sub-paragraph (1A).

b

after that sub-paragraph insert—

1A

If the relevant event is a transfer of sums or assets representing crystallised rights under a scheme pension and made in connection with the winding-up of the pension scheme under which the scheme pension is paid, the relevant crystallised amount shall be nil.