PSI14.2.17 - Transfer Payments: Benefits from Transfer Payments - Calculation of Lump Sum Certifiable

(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)

[PN10.30]

The amount to be certified under PSI14.2.15(2)-(4) is not to exceed the maximum lump sum retirement benefit permissible for the member under the rules of the transferring scheme. In some circumstances, this calculation may not be straightforward, eg, where the maximum lump sum is calculated by reference to the PN8.23 formula or the 2.25 multiple. Paragraph 10.30 of PN sets out the relevant guidance. Once calculated, this sum may be increased by an addition for revaluation for any period between the cessation of pensionable employment and the date of transfer.

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