[Para 12(5) Sch 36] [The Registered Pension Schemes
(Surrender of Relevant Excess) Regulations 2006 – SI
2006/211]
Paragraph 12(5) schedule 36 FA 2004 states that an individual
cannot give notice of an intention to rely on enhanced protection
where the individual’s uncrystallised pension rights on 5
April 2006 are excessive. Excess rights will arise whenever the
value of pension rights in all
retirement benefit schemes and deferred annuity
contracts (section 32 policies) for an employment are greater than
the value of the maximum permitted pension (MPP) for that
employment (see
RPSM03101530).
Such excess rights must be surrendered before the individual
can claim enhanced protection.
RPSM03104032 gives more information
on surrendering excess benefits.
| Glossary ( RPSM20000000) |
