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Finance Act 2004
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220Pension credits from previously crystallised rights
(1)This section makes provision for the operation of a lifetime allowance enhancement factor with respect to a benefit crystallisation event occurring in relation to an individual where—
(a)the individual has (at any time after 5th April 2006 but before the benefit crystallisation event) acquired rights under a registered pension scheme by reason of having become entitled to a pension credit,
(b)the pension credit derived from the same or another registered pension scheme, and
(c)the rights under that registered pension scheme which became subject to the corresponding pension debit consisted of or included rights to a post-commencement pension in payment.
(2)“Post-commencement pension in payment” means a pension to which a person became (actually) entitled on or after 6th April 2006.
(3)The lifetime allowance enhancement factor is the pension credit factor.
(4)The pension credit factor is—
where—
APC is the amount which is the appropriate amount for the purposes of section 29(1) of WRPA 1999 or Article 26(1) of WRP(NI)O 1999 in relation to the pension credit, and
SLA is the standard lifetime allowance at the time when the rights were acquired.
(5)This section only applies if notice of intention to rely on it is given to the Inland Revenue in accordance with regulations made by the Board of Inland Revenue.
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