PSI5.3.17 - Contributions by Employers: Special Contributions - "Hancock" Annuity Purchased Direct from a Life Office

(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)

Where a "Hancock" annuity is purchased direct from a Life Office the transaction is treated as an exempt approved scheme:

1. automatically if the annuity is made the subject of a trust, or otherwise
2. under section 592(1)(b), either at the applicant's request or, where we decide to direct (see Part 1 Section 4 PSI22.3.82).

Again, treat the "Hancock" payment as in PSI5.3.16above.