PSI8.3.4 - Commutation for Triviality or Serious Ill Health: Time of Commutation

(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)

[PN8.12]

Commutation for triviality is normally allowed only when a pension first becomes payable or on the winding-up of a scheme. On winding-up the triviality test is applied to the current value of the aggregate benefits at the winding-up date.

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