(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)
[PN8.20]
Benefits secured by an individual bought-out policy in the
name of the employee or ex-spouse (see
PSI24.1.11) or by a policy
assigned to the employee on leaving service may also be commuted
because of serious ill health if the Life office has made
satisfactory arrangements for payment of any tax liability (see
PSI17.2.24).
