13U.K.Relevant benefit accrual occurs in relation to an individual under an arrangement—
(a)in the case of a money purchase arrangement that is not a cash balance arrangement, if a relevant contribution is paid under the arrangement [F1or, where the arrangement has been a hybrid arrangement, if a relevant contribution was so paid at any time after 5th April 2006,] (see paragraph 14), and
(b)in the case of a cash balance arrangement or defined benefits arrangement, if, when [F2the individual becomes entitled to any pension or lump sum or a] transfer that is a permitted transfer by virtue of paragraph 12(8)(a) (a “relevant event”) occurs in relation to the individual and the arrangement, the relevant crystallised amount exceeds the appropriate limit (see paragraph 15).
Textual Amendments
F1Words in Sch. 36 para. 13(a) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 53(7), 64(1)
F2Words in Sch. 36 para. 13(b) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 72, 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)