Introduction New section 213I Adjustment of closing rights
37.New section 213I(1) provides for adjusting closing rights under cash balance arrangements.
38.New section 213I(2) provides that the closing rights are to be increased by the amount of any pension debit during the tax year.
39.New section 213I(3) provides that the closing rights are to be reduced by the amount of any pension credit during the tax year.
40.New section 213I(4) provides that the closing rights are to be increased where there is a transfer of assets or rights out of the scheme to another registered pension scheme or qualifying recognised overseas pension scheme.
41.New section 213I(5) provides that the closing rights are to be reduced where there is a transfer of assets or rights from another pension scheme into the cash balance arrangement, by the amount of the transfer.
42.New section 213I(6) provides that the closing rights are to be increased where there is any surrender made, or similar action.
43.New section 213I(7) provides that the closing rights are to be increased where the individual becomes entitled to a pension or lump sum or there is an allocation of rights of the individual under the cash balance arrangement.