(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)
Subject to the final paragraph of PSI14.1.24 an occupational
pension scheme must on making a transfer payment, provide a
certificate authorising the maximum lump sum which would be payable
under its rules only in certain circumstances. These are:
[PN10.32]
1. in all cases where the transfer originates from a scheme
under which retirement benefits are restricted in whole or in part
to non-commutable pension. If wholly restricted, a NIL certificate
should be provided (see PSI14.2.16). If partially restricted, the
certificate must specify how much of the transfer payment comes
from that source and is subject to that restriction;
[PN10.32]
2. where the transfer is made to another occupational scheme
in which the member will have continued rights;
3. where the transfer is made to a personal pension scheme
and:
a) the transferring member is, or has been at any time in the 10
years prior to the date of the transfer payment, in respect of any
employment to which the transfer payment or any part of it relates,
a Controlling Director, or
b) the transferring member
c) is entitled to benefits included in the transfer payment which arise from an approved scheme under which the NRA is age 45 or less. (See also PSI14.2.2).
4. Where the transfer is made to a simplified defined contribution scheme.
