PSI6.4.6 - Total Benefits on Retirement at Normal Retirement Age: Pensionable Remuneration and Final Remuneration - Statutory Definition

(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)

The changes introduced by the Finance (No 2) Act 1987 and described in PSI6.4.2 apply to all retirements on or after 17 March 1987. In respect of schemes approved before Royal Assent to the Finance (No 2) Act 1987 (23 July 1987) they are applied through the overriding provisions of paragraph 5, Schedule 23 ICTA 88 (see PSI2.3.22). In relation to schemes approved on or after 23 July 1987, they have to be reflected in scheme rules under revised discretionary practice as a condition of approval under section 591 ICTA 1988 (see PSI2.3.13).