PSI14.1.24 - 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)

A certificate must be given under PSI14.1.23 b where:

1. the benefits in whole or in part may not be given in lump sum form, or

[PN16.20]

1. the transferring member is entitled to continued rights in the receiving occupational pension scheme, or
2. the receiving scheme is a simplified defined contribution scheme, or
3. the receiving scheme is a personal pension scheme and a certificate has to be given in accordance with The Personal Pension Scheme (Transfer Payments) Regulations 2001 (SI 2001 No 119).

It is not necessary for the administrator of the transferring scheme to give, or the administrator of the receiving scheme to obtain, a lump sum certificate in circumstances other than described in i to iv above, nor is it necessary for a lump sum certificate to be given or obtained where a transfer takes place between schemes of the same or associated employers or in circumstances where we would agree to continuous service being granted (see PSI6.5.71 -73). The requirements of this paragraph apply equally to transfers from buy-out policies (see Section 4 of Part 13 PSI13.4.1), assigned policies (see PSI13.4.2) and FSAVCS.

(For further details see PSI14.2.15).