Paragraph 9

the value, or the aggregate of the values, calculated under paragraph 8, F2or (if lower)

the amount arrived at in accordance with sub-paragraph (3).

in the case of an arrangement under a pension scheme which immediately before 6th April 2006 was within section F5611A(1)(a) of ICTA, the maximum annual pension that could be paid to the individual under the pension scheme on 5th April 2006, and

in any other case, the maximum annual pension that could be paid to the individual on 5th April 2006 under the arrangement or arrangements if it or they were made under a pension scheme within paragraph 1(1)(a) without giving the Board of Inland Revenue grounds for withdrawing approval of the pension scheme under section 591B of ICTA.

F6in 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 F72006 the individual left the employment on that date, and

in the case of an arrangement within sub-paragraph (4)(a), that the valuation assumptions apply (see section 277),

F9in the case of any other arrangement, that if the individual had not reached the lowest age at which a pension 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 F10scheme that fact would not give the Board such grounds.

a lump sum could be paid to the individual on 5th April 2006 under the pension scheme otherwise than by commutation of pension, and

that lump sum could not be exchanged (in whole or in part) for an increased pension.

the earnings by reference to which benefits under the arrangement are calculated are earnings from the employment, or

the person who is the employer in relation to the employment pays contributions under the arrangement in respect of the individual.