PSI14.1.26 - Transfer Payments from schemes seeking approval

(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)

[PN10.25]

A scheme seeking approval may make a transfer to an approved scheme, a relevant statutory scheme or a buy-out contract. The first transfer from a scheme where an application for approval has been made but where approval has not yet been given must receive our authority. Once we have given such authority it may be regarded as blanket approval for subsequent transfers from the scheme provided they do not involve small self-administered schemes. No such application need be made where the documents of the receiving scheme expressly name the transferring scheme as one from which transfers may be accepted (see PSI14.1.27) provided they do not involve small self-administered schemes. But the transfer may not go ahead until:

(i) expressly authorised in writing by IR SPSS, or
(ii) the recipient scheme has been formally approved.

All block transfers, however, must continue to be reported to us in accordance with PSI14.1.15.