236Defined benefits arrangements: adjustments of closing value
(1)This section applies for adjusting the closing value of the individual’s rights as calculated under section 234(5).
(2)If, during the pension input period, the rights of the individual under the arrangement have been reduced by having become subject to a pension debit, the amount of the debit is to be added.
(3)If, during the pension input period, the rights of the individual under the arrangement have been increased by the individual having become entitled to a pension credit deriving from the same or another registered pension scheme, the amount of the credit is to be subtracted.
(4)Subsection (5) applies if, during the pension input period, there is a transfer relating to the individual of any sum or asset held for the purposes of, or representing accrued rights under, the arrangement so as to become held for the purposes of, or to represent rights under, any other pension scheme that is—
(a)a registered pension scheme, or
(b)a qualifying recognised overseas pension scheme.
(5)The aggregate of the amount of any sums transferred and the market value of any assets transferred is to be added.
(6)Subsection (7) applies if, during the pension input period, there is a transfer relating to the individual of any sums or assets held for the purposes of, or representing accrued rights under, any pension scheme so as to become held for the purposes of, or to represent rights under, the arrangement.
(7)The aggregate of the amount of any sums transferred and the market value of any assets transferred is to be subtracted.
(8)If, during the pension input period, a benefit crystallisation event occurs in relation to the individual and the arrangement, the amount crystallised is to be added (but this is subject to section 229(3)).
(9)If, during the pension input period, minimum payments are made under—
(a)section 8 of the Pension Schemes Act 1993 (c. 48), or
(b)section 4 of the Pension Schemes (Northern Ireland) Act 1993 (c. 49),
in relation to the individual in connection with the arrangement, the amount paid is to be subtracted.