The ABC pension scheme makes two
scheme chargeable payments of £14,000 and
£10,000 on 1 June 2007 and 1 December 2007. No further
payments were made before 1 June 2008.
On 1 June 2007 the fund value was £100,000 made up of
assets with a market value of £80,000 and cash of
£20,000.
On 1 December 2007 the fund value was £88,000
The percentage of the scheme fund used up by the £14,000
payment on 1 June 2007 is
(£14,000/£100,000) x 100 = 14%
The percentage of the scheme fund used up by the £10,000 payment on 1 December 2007 is
(£10,000/£88,000) x 100 = 11.36%
So the total percentage of scheme chargeable payments made in
the 12 month period 1 June 2007 to 31 May 2008 is 25.36%.
The de-registration threshold has been exceeded. This means
that there are grounds for HMRC to de-register the scheme.
| Glossary ( RPSM20000000) |
