PSI13.4.10 - Withdrawal from Service: Deferred
Benefits under Individual Policies (Buy-Out Policies) - Permitted
Provisions
-
(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)
[PN10.42(d)]
Annuity contracts which are purchased in the leaver's own
name or assigned to him/her may include provision for an open
market option, subject to the following conditions:
- the transfer must be made direct to the
other insurance company concerned or, if considered appropriate,
through a pension consultant arranging the transaction; and
- the new contract must include the same
restrictions on commutation and further assignment as the old one
and meet the requirements necessary for discharge of the scheme
trustees' liability (see
PSI13.4.6).
Contact: | Date issued: | Next review:
