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(6) Where a pre-retirement access option is exercised in respect of a relevant individual in accordance with subsection (3) the amount transferred shall not be a benefit crystallisation event (within the meaning of section 787O(1)) for the purposes of Chapter 2C and Schedule 23B.

“accrued pension amount”, in relation to a benefit crystallisation event of the kind referred to in paragraph 2(a)(i) of Schedule 23B in respect of a relevant pension arrangement that is a defined benefit arrangement, means the part (if any), determined in accordance with subsection (2A), of the amount represented by P in the formula in paragraph 3(aa) of that Schedule that had accrued to the individual under the arrangement on the specified date;

(2)(a) Subject to paragraph (b), for the purposes of this Chapter and Schedule 23B, the relevant valuation factor in relation to a relevant pension arrangement that is a defined benefit arrangement (in this subsection referred to as the “pension arrangement”) is—

(ii) after the specified date, where at the date of the current event relating to the pension arrangement the individual has attained the age included in an entry in column (1) of the Table to Schedule 23B, the figure in column (2) of that Table opposite that entry (in this Chapter and Schedule 23B referred to as the “relevant age-related factor”).

(ii) after the specified date, where at the date of the current event relating to the pension arrangement the individual has attained the age included in an entry in column (1) of the Table to Schedule 23B, the figure in column (2) of that Table opposite that entry (in this Chapter and Schedule 23B referred to as the “relevant age-related factor”).

(b) Where the administrator of a pension arrangement has, with the prior agreement of the Revenue Commissioners, used (before the specified date) a valuation factor (in this paragraph referred to as the “first-mentioned factor”) greater than the relevant valuation factor referred to in paragraph (a)(i) then, in such a case, for the purposes of this Chapter and Schedule 23B, the relevant valuation factor in relation to the pension arrangement is—

(ii) after the specified date, the greater of the first-mentioned factor and the relevant age-related factor and the reference to the meaning of ‘A’ in the formula in paragraph 3(a) of Schedule 23B shall be construed accordingly.

(2A) For the purposes of this Chapter and Schedule 23B—

(b) in any other case, the accrued pension amount shall be an amount equivalent to the annual amount of pension which would be represented by AP in the formula in paragraph 1(2)(b) of Schedule 23B, if the individual’s uncrystallised pension rights under the arrangement on the specified date were being calculated.

(i) certifying the amount of the crystallised or, as the case may be, uncrystallised pension rights in respect of the arrangement on the specified date, in relation to the individual (in this subsection referred to as the “individual’s pension rights”), calculated in accordance with the provisions of this Chapter and Schedule 23B,

(ii) where the arrangement is a defined benefit arrangement, certifying the annual amount of pension represented by AP in the formula in paragraph 1(2)(b) of Schedule 23B included in the calculation of the individual’s pension rights, and

(V) such other information and particulars as the Revenue Commissioners may reasonably require for the purposes of this Chapter and Schedule 23B.

(3) For the purposes of subsection (2), the amount of an individual’s standard fund threshold or, as the case may be, personal fund threshold that is available at the date of the current event shall be determined in accordance with paragraph 4 of Schedule 23B.

(a) where the benefit crystallisation event is an event of a kind described at subparagraph (a) or (d) of paragraph 2 of Schedule 23B, withhold the payment of any benefit or, as the case may be, any increased annual amount of pension, and any increased annual amount of pension,

(b) where the benefit crystallisation event is an event of a kind described at subparagraph (b), (ba) or (c) of paragraph 2 of Schedule 23B, refuse to transfer an amount to the individual, or to any of the funds referred to in the said subparagraph (b), refuse to make assets of the PRSA referred to in the said subparagraph (ba) available to the PRSA contributor or, as the case may be, refuse to make a payment or transfer referred to in the said subparagraph (c), in the said subparagraph (c), and

(c) where the benefit crystallisation event is an event of a kind described at subparagraph (bd) or (be) of paragraph 2 of Schedule 23B, refuse to transfer an amount to the individual or refuse to make assets of the PEPP referred to in the said subparagraph (bd) available to the PEPP contributor,

(b) Notwithstanding subsection (4), where a benefit crystallisation event of a kind referred to in subparagraph (bb) or (bc), as the case may be, of paragraph 2 of Schedule 23B occurs in relation to a relevant person, the relevant person shall, within the period of 30 days from the date of the benefit crystallisation event, provide a declaration containing the details referred to in subsection (4) to the relevant administrator.

(a) a benefit crystallisation event for the purposes of this Chapter and Schedule 23B and where that amount relates to a private sector scheme in respect of which one or more than one benefit crystallisation event has occurred before the exercise of the option such benefit crystallisation events or, as the case may be, the portion of such benefit crystallisation events represented by the amount of ‘B’ in the formula in subsection (15)(b), shall be disregarded for the purposes of this Chapter and Schedule 23B,

(a) a benefit crystallisation event for the purposes of this Chapter and Schedule 23B and where that amount relates to a private sector scheme in respect of which one or more than one benefit crystallisation event has occurred before the exercise of the option such benefit crystallisation events or, as the case may be, the portion of such benefit crystallisation events represented by the amount of ‘B’ in the formula in subsection (15)(b), shall be disregarded for the purposes of this Chapter and Schedule 23B,

A person who fails to comply with any of the obligations imposed on that person by this Chapter and any regulations made under it and by Schedule 23B shall, for each such failure, be liable to a penalty of €3,000.