PSI13.4.6 - Withdrawal from Service: Deferred Benefits under Individual Policies (Buy-Out Policies) - Discharge of Liability

(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 Social Security Act 1985 introduced provisions to remove doubts about whether or not a scheme can effectively extinguish its liability to requisite and short service benefits by buying-out. The requirements necessary to acquire this discharge are set out in the Occupational Pension Schemes (Discharge of Liability) Regulations 1985. We are not concerned with these requirements.

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