Valid from 06/04/2006
Benefit crystallisation event 3: meaning of “XP”U.K.
13(1)For the purposes of benefit crystallisation event 3 “XP” is (subject to sub-paragraph (2)) the amount by which—U.K.
(a)the increased annual rate of the pension, exceeds
(b)the rate at which it was payable on the day on which the individual became entitled to it, as increased by the permitted margin.
(2)But if one or more benefit crystallisation events has or have previously occurred by reason of the individual having become entitled to payment of the pension at an increased rate, XP does not include the amount crystallised by that event or the aggregate of the amounts crystallised by those events.