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12.—(1) The percentage of standard lifetime allowance(1) expended on the happening of each benefit crystallisation event for the purposes of these Regulations is found by applying the formula—
where—
“AC” is the amount crystallised by the benefit crystallisation event; and
“RSLA” is the relevant standard lifetime allowance at the time of that event.
(2) The total percentage of standard lifetime allowance expended in relation to a qualifying member is the sum of—
(a)the percentages found in accordance with this regulation in respect of that member; and
(b)the percentages found in accordance with regulation 7 of the Registered Pension Schemes (Provision of Information) Regulations 2006 (percentage of standard lifetime allowance expended on the happening of a registered pension scheme benefit crystallisation event) in respect of that member.
“Standard lifetime allowance” is defined in section 218 of the FA 2004.
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