(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)
[PN10.35]
Schemes falling within PSI14.2.15(1) above will include
FSAVCSs and other AVC schemes where the contract commenced after 7
April 1987, "Old Code" funds to which section 608 ICTA 88 applies
and approved schemes with a normal retirement date of age 45 or
earlier where benefits are wholly in non-commutable pension form
because a lump sum retirement benefit is provided from another
source, for example, as is the case for English League professional
footballer schemes. (A NIL certificate is not necessary from those
AVC schemes which may provide commutable benefits). The impact of
the NIL certificate will be that no part of the NIL- certificated
amount plus the investment growth thereon can be used to form part
of the basis for granting lump sum benefit in the receiving
scheme.
