Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Crystallisation definition

What does Crystallisation mean? In pensions practice, crystallisation means starting to take benefits from all or part of a pension arrangement — as income (for example, by entering drawdown or buying an annuity) and/or as a lump sum (such as a pension commencement lump sum). Funds not yet accessed are “uncrystallised”. The term is descriptive, but UK pensions tax law defines related “benefit crystallisation events” (Finance Act 2004), which historically triggered a test against the lifetime allowance. From 6 April 2024, HMRC instead tests certain lump sums and death benefits against the new lump sum allowance and lump sum and death benefit allowance. Practitioners...

Crystallisation of Floating Charges: Priority, Legal/Contractual Triggers, Automatic Clauses, Moratorium Constraints, Partial Crystallisation, Future Assets and Post-crystallisation Steps

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Practice notes

A key characteristic of a floating charge is that, until it crystallises, the chargor may manage the secured assets in the ordinary course of business without needing further permission from the chargee. By comparison, a fixed charge entails the chargee exercising a substantial level of control over the asset subject to the security...

This Practice Note examines

the consequences of crystallisation of a floating charge
the categories of event that trigger or may trigger crystallisation, including automatic crystallisation
partial crystallisation

For more on the nature of fixed and floating charges, see Practice Note: Fixed and floating charges. For guidance on the pros and cons of floating charges, see Practice Note: Floating charges—advantages and disadvantages. For details on creating a floating charge, see Practice Note: Floating charges. See also Security—frequently asked questions...

The effect of crystallisation

Impact of crystallisation on priority

When a floating charge crystallises, it fastens onto all assets then within the scope of the security and takes effect as a fixed charge...

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Web page updated on 21/05/2026

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