PSI8.1.35 - Lump Sum Benefits and Commutation: Maximum Lump Sum Benefits - Retained Lump Sum Benefits - Controlling Directors - Benefits From Retirement Annuity Contracts and PPs

(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)

(This text has been withheld because of exemptions in the Freedom of Information Act 2000)

[PN8.9, 8.32 and Glossary]

Where the scheme includes controlling directors without continued rights, any lump sum benefits received or receivable from retirement annuity contracts or personal pension schemes (including any pension debits derived from these sources) arising from premiums or contributions paid in respect of relevant earnings from that scheme employer are treated as provided by that employer and aggregated for limits purposes. For controlling directors with continued rights however, lump sum benefits received or receivable from such retirement annuity contracts or personal pension schemes (including any pension debits derived from these sources) are treated as retained benefits (see PSI6.5.67).