RPSM03101010 - Technical Pages: Protecting pension rights from tax charges: Valuing pension rights at 5 April 2006

Valuing a member's rights at 5 April 2006

The amount of an individual’s pension rights on 5 April 2006 is the aggregate of

• crystallised pension rights from ’relevant existing pensions’ (see RPSM03101030) and
• uncrystallised pension rights from relevant pension arrangements (see RPSM03101060).

Rights are uncrystallised where the member has not become entitled to the present payment of benefits in respect of those rights.

Where income withdrawal/drawdown under a personal pension scheme has begun, the rights have crystallised.

Where a small self-administered scheme (SSAS) or other retirement benefit scheme is paying a drawdown pension, the rights have crystallised.

Where a SSAS is paying a pension direct from the scheme under the annuity purchase deferral rules, the rights have crystallised.