1A

The “first reference period” is the period commencing on 6th April 2006 and terminating on the earliest of—

a

the day immediately before the day fixed by the scheme administrator on which to recalculate the basis amount;

b

the day immediately before the day on which the basis amount was recalculated following an annuity purchase;

c

6th April 2008.

2A

For the first reference period as defined in sub-paragraph (1A), the basis amount is—

a

the annual amount of the annuity calculated pursuant to section 630 of ICTA;

b

the maximum annual pension calculated in accordance with the rules set out in Appendix XII Part I of the Occupational Pension Schemes Practice Notes (IR12) published by the Board on 22nd January 2001 (“the Notes”);

c

the annual amount of pension income which has been paid in accordance with paragraph 20.41 of the Notes in respect of a retirement benefits scheme approved for the purposes of Chapter 1 of Part 14 of ICTA, being paid as a small self-administered pension pursuant to the terms of Memorandum 119 issued on 6th May 1994 by the Board4.

which could have been purchased by the application of the sums and assets which then represented the member’s pension fund on the nominated date.

3A

“The applicable reference date” is the date on which the pension fund was last valued —

a

in the case of a personal pension fund, pursuant to section 634A of ICTA (income withdrawal by member),

b

in the case of a retirement benefits scheme (other than one falling within paragraph (c) below), pursuant to the rules set out in the Notes, or

c

in the case of a retirement benefits scheme referred to in sub-paragraph (2A)(c), the date of the scheme’s last triennial report as required by paragraph 20.41 of the Notes.

1A

The “first reference period” is the period commencing on 6th April 2006 and terminating on the earliest of—

a

the day immediately before the day fixed by the scheme administrator on which to recalculate the basis amount;

b

the day immediately before the day on which the basis amount was recalculated following an annuity purchase;

c

6th April 2008.

2A

For the first reference period as defined in sub-paragraph (1A), the basis amount is—

a

the annual amount of the annuity calculated pursuant to section 630 of ICTA,

b

the maximum annual pension calculated in accordance with the rules set out in Appendix XII Part I of the Occupational Pension Schemes Practice Notes (IR12) published by the Board on 22nd January 2001 (“the Notes”) or,

c

the annual amount of pension income that has been paid in accordance with paragraph 20.41 of the Notes in respect of a retirement benefits scheme approved for the purposes of Chapter 1 of Part 14 of ICTA, being paid as a small self-administered pension calculated pursuant to the terms of Memorandum 119 issued by the Board on 6 May 1994

which could have been purchased by the application of the sums and assets which then represented the member’s pension fund on the nominated date.

3A

“The applicable reference date” is the date on which the pension fund was last valued—

a

in the case of a personal pension fund, pursuant to section 636A of ICTA (income withdrawal after the death of member),

b

in the case of a retirement benefits scheme (other than one falling within paragraph (c) below), pursuant to the rules set out in the Notes, or

c

in the case of a retirement benefits scheme referred to in sub-paragraph (2A)(c), the date of the scheme’s last triennial report as required by paragraph 20.41 of the Notes.