Related Commentary  Related HMRC Manuals

216(1)  This table sets out–

(a)the events which are benefit crystallisation events in relation to the individual, and

(b)the amount which is crystallised by each of those events.

BENEFIT CRYSTALLISATION EVENTS AMOUNT CRYSTALLISED
1. The designation of sums or assets held for the purposes of a money purchase arrangement under any of the relevant pension schemes as available for the payment of drawdown pension to the individual The aggregate of the amount of the sums and the market value of the assets designated
2. The individual becoming entitled to a scheme pension under any of the relevant pension schemes RVF × P
3. The individual, having become so entitled, becoming entitled to payment of the scheme pension, otherwise than in excepted circumstances, at an increased annual rate which– RVF × XP
(a) exceeds the threshold annual rate, and
(b) exceeds by more than the permitted margin the rate at which it was payable on the day on which the individual became entitled to it
4. The individual becoming entitled to a lifetime annuity purchased under a money purchase arrangement under any of the relevant pension schemes The aggregate of the amount of such of the sums, and the market value of such of the assets, representing the individual's rights under the arrangement as are applied to purchase the lifetime annuity and any related dependants' annuity and any related nominees’ annuity
5. The individual reaching the age of 75 when prospectively entitled to a scheme pension, or a lump sum, (or both) under a defined benefits arrangement under any of the relevant pension schemes (RVF × DP) + DSLS
5A. The individual reaching the age of 75 having designated sums or assets held for the purposes of a money purchase arrangement under any of the relevant pension schemes as available for the payment of drawdown pension to the individual The aggregate of the amount of the sums and the market value of the assets representing the individual's drawdown pension fund under the arrangement (if any), plus the aggregate of the amount of the sums and the market value of the assets representing the individualʼs flexi-access drawdown fund under the arrangement (if any), less the aggregate of amounts crystallised by benefit crystallisation event 1 in relation to the arrangement and the individual
5B. The individual reaching the age of 75 when there is a money purchase arrangement relating to the individual under any of the relevant pension schemes The amount of any remaining unused funds
5C. The designation, on or after 6 April 2015 but before the end of the relevant two year period, of relevant unused uncrystallised funds as available for the payment, to a dependant or nominee of the individual, of (as the case may be) dependantsʼ flexi-access drawdown pension or nomineesʼ flexi-access drawdown pension The aggregate of the amount of the sums and the market value of the assets designated
5D. A person becoming entitled, on or after 6 April 2015 but before the end of the relevant two-year period, to a dependantsʼ annuity or nomineesʼ annuity in respect of the individual if– The aggregate of–
(a) the amount of such of the sums, and
(b) the market value of such of the assets,
(a) the annuity is purchased using (whether or not exclusively) relevant unused uncrystallised funds, and applied to purchase the annuity as are relevant unused uncrystallised funds
(b) the individual died on or after 3 December 2014
6. The individual becoming entitled to a relevant lump sum under any of the relevant pension schemes The amount of the lump sum paid to the individual
7. A person being paid a relevant lump sum death benefit in respect of the individual under any of the relevant pension schemes The amount of the lump sum death benefit
8. The transfer of sums or assets held for the purposes of, or representing accrued rights under, any of the relevant pension schemes so as to become held for the purposes of or to represent rights under a qualifying recognised overseas pension scheme in connection with the individual's membership of that pension scheme The aggregate of the amount of any sums transferred and the market value of any assets transferred
9. If regulations under section 164(1)(f) so provide, the happening of an event prescribed in the regulations in relation to a payment prescribed in the regulations An amount determined in accordance with the regulations

216(2)  Schedule 32 gives the meaning of expressions used in the table in subsection (1).

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