(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 “maximum pension” referred to in
PSI12.1.15means the maximum in the
particular circumstances in which the employee retired. For
example, where a pre-17 March 1987 continued rights member retired
at NRD having completed 10 or more years’ service, the limit
is 2/3rds of the maximum pension approvable for him/her at that
date which would be 2/3rds of final remuneration (see
PSI6.5.6). Similarly, where
retirement was other than at NRD it is the appropriate limit on
benefits on early or late retirement that matters (see Part 9 and
Part 10).
