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Part 4Pension schemes etc

Chapter 5Registered pension schemes: tax charges

Annual allowance charge

231Cash balance arrangements: uprating of opening value

(1)This section applies for adjusting the opening value of the individual’s rights as calculated under section 230(4).

(2)The opening value is to be increased by the appropriate percentage.

(3)The appropriate percentage is whichever is the greatest of—

(a)5%,

(b)the percentage (if any) by which the retail prices index for the month in which the pension input period ends is higher than it was for the month in which it began, and

(c)if provision made by regulations made by the Board of Inland Revenue applies in relation to the arrangement, the percentage to which the regulations refer.