212Valuation of uncrystallised rights for purposes of section 210
(1)Rights are uncrystallised if the member is not entitled to the present payment of benefits in respect of the rights.
(2)The member is to be treated as entitled to the present payment of benefits in respect of the sums and assets representing the member’s unsecured pension fund or alternatively secured pension fund.
(3)The value of the member’s uncrystallised rights under the arrangement on any date is to be calculated—
(a)in accordance with subsection (4) if the arrangement is a cash balance arrangement,
(b)in accordance with subsection (5) if the arrangement is a money purchase arrangement other than a cash balance arrangement,
(c)in accordance with subsection (6) if the arrangement is a defined benefits arrangement, and
(d)in accordance with subsection (7) if the arrangement is a hybrid arrangement.
(4)If this subsection applies, the value of the member’s uncrystallised rights under the arrangement on the date is the amount which would, on the valuation assumptions (see section 277), be available for the provision of benefits in respect of those rights if the member became entitled to benefits in respect of those rights on the date.
(5)If this subsection applies, the value of the member’s uncrystallised rights under the arrangement on the date is the aggregate of—
(a)the amount of such of the sums held for the purposes of the arrangement on the date as represent those rights, and
(b)the market value of such of the assets held for the purposes of the arrangement on the date as represent those rights.
(6)If this subsection applies, the value of the member’s uncrystallised rights under the arrangement on the date is—
where—
RVF is the relevant valuation factor (see section 276),
ARP is the annual rate of pension to which the member would, on the valuation assumptions, be entitled under the arrangement on the date if, on the date, the member acquired an actual (rather than a prospective) right to receive a pension in respect of the rights, and
LS is the amount of any lump sum to which the member would, on the valuation assumptions, be entitled under the arrangement on the date (otherwise than by way of commutation of pension) if, on the date, the member acquired an actual (rather than a prospective) right to payment of a lump sum in respect of the rights.
(7)If this subsection applies, the value of the member’s uncrystallised rights under the arrangement on the date is—
(a)if each of subsections (4), (5) and (6) is relevant, the greatest of the values of the rights calculated in accordance with each of those subsections, or
(b)if only two of those subsections are relevant, the greater of the values of the rights calculated in accordance with each of the two subsections.
(8)Subsection (4) is relevant if, in any circumstances, cash balance benefits may be provided to or in respect of the member under the arrangement.
(9)Subsection (5) is relevant if, in any circumstances, money purchase benefits other than cash balance benefits may be provided to or in respect of the member under the arrangement.
(10)Subsection (6) is relevant if, in any circumstances, defined benefits may be provided to or in respect of the member under the arrangement.