PSI5.3.15 - Contributions by Employers: Special Contributions - "Hancock" Type Annuities provided Through an Exempt Approved Scheme
(This archived guidance relates to HMRC discretionary
practice before the 6th April 2006. For current guidance on
Registered Pension Schemes see the Registered Pension Schemes
Manual)
There is no objection to a scheme rule which enables benefits
to be given to former employees even though the people in question
were not eligible for scheme membership. These benefits usually
take the form of an immediate annuity like a "Hancock" annuity (see
PSI1.1.17). The benefits so
provided must be acceptable in form and subject to normal Revenue
limits.
