Retirement Savings Accounts Regulations 1997
(subregulation 1.07(2) )
PAYMENT LIMITS FOR PENSIONS WITH A COMMENCEMENT DAY ON OR AFTER 1 JANUARY 2006
SECTION 1. 1.Subject to clauses 3 , 4 and 5 , the maximum limits mentioned in paragraph 1.07(2)(d) are determined under the formula:
|
AB
PVF |
where:
AB means the amount in the RSA:
(a) on 1 July in the financial year in which the payments are made; or
(b) if that year is the year in which the pension payments commence - on the commencement day.
PVF means the maximum pension valuation factor set out in Column 3 of Table 1 in this Schedule in relation to the item in the Table that represents the age of the beneficiary (or, subject to clause 5 , in the case of the death of the original beneficiary, the age of the reversionary beneficiary) on:
(a) 1 July in the financial year in which the payments are made; or
(b) if that is the year in which the pension payments commence - the commencement day.
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