Paragraph 26

the value, or the aggregate of the values, calculated under paragraph 25, F2or (if lower)

the maximum permitted lump sum.

in the case of an arrangement under a pension scheme which immediately before 6th April 2006 was within section F4611A(1)(a) of ICTA, the maximum lump sum that could be paid to the individual under the pension scheme on 5th April 2006, and

in any other case,

F5in the case of any arrangement, that if the individual was in the employment to which the arrangement or arrangements relates or relate on 5th April F62006 the individual left the employment on that date, and

in the case of an arrangement within sub-paragraph (3)(a), that the valuation assumptions apply (see section 277),

F8in the case of any other arrangement, that if the individual had not reached the lowest age at which a lump sum may be paid under a pension scheme within paragraph 1(1)(a) to a person in good health without giving the Board of Inland Revenue grounds for withdrawing the approval of the pension F9scheme that fact would not give the Board such grounds.