PSI14.1.12 - Transfer Payments: General - Fragmentation

(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)

At the time of writing 2 stage or interim transfers are a live issue. There are occasions where the scheme trustees have genuine difficulties in complying with our general requirement to make only one transfer payment to another type of pension vehicle as described in PSI14.1.5. An example might be where the scheme is not in possession of sufficient monies to be able to make a full transfer because of someone's misappropriation of scheme funds. In such cases you should obtain the full facts and circumstances and refer the case to Technical Support Section for advice.

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