PSI13.4.2 - Withdrawal from Service: Deferred Benefits under Individual Policies (Buy-Out Policies) - Assignment of Scheme Policies to Employee

(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)

[PN10.38]

As an alternative to the purchase of buy-out policies, any individual policy or policies held for the provision of an employee's benefits under the scheme can be assigned to the employee. On assignment the policies must be endorsed so that they comply with the requirements of PSI13.4.7-8. These endorsements will not affect the status of the policy(ies) as corresponding for the purposes of Section 431 (4)(b) (see PSI17.1.7-9).

Contact: | Date issued: | Next review: