PSI14.1.22 - Transfer Payments: General - Scheme Rules - Transfer-Out Rule

(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)

For Inland Revenue purposes, the transfer-out rule of an approved occupational scheme should permit the payment of a transfer value only to other approved schemes or arrangements of the type listed in PSI14.1.5or to any other scheme or arrangement "specifically approved" for this purpose. This is meant to ensure that the administrator consults us for prior permission before making a transfer to a scheme which is awaiting approval (see PSI14.1.26-30) or to an overseas scheme (see Section 4 of this Part PSI14.4.1). The rules must also provide for restrictions to be placed on the payment of transferred benefits in lump sum form and the refund of employee contributions.

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