PSI14.1.27 - Transfers to 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)

With effect from 31 March 1998 transfers to schemes seeking approval under Chapter I, Part XIV ICTA 1988 are not permissible unless, exceptionally, a genuine need to make such a transfer can be demonstrated to the satisfaction of, and agreed in writing by, the IR SPSS. The circumstances in which we might agree to a transfer are likely to be very limited, e.g. the re- structuring of large schemes. Any requests for transfers to schemes seeking approval should be referred to PSTA for advice.