(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)
[PN10.21]
A transfer payment will normally represent the whole of the
employee's benefits under the transferring scheme, otherwise the
administrative advantages mentioned in
PSI14.1.1are lost and the calculation
of the employee's benefits at retirement is more complicated.
However, we cannot object to fragmentation to the extent that a
specific right to fragmentation is provided by Social Security
legislation.
