PSI14.2.2 - Transfer Payments: Benefits from Transfer Payments - Transfers from Schemes with Low NRA

(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)

[PN16.9]

It is a condition of approval or continued approval of an approved occupational pension scheme with NRA of age 45 or less that, on making a transfer to any other scheme (whether an occupational or personal pension scheme), the administrator will certify to the receiving scheme the latest date on which the member's benefits may come into payment in accordance with the transferring scheme rules (see PSI14.1.23). It is also a condition of approval or continued approval that the receiving scheme complies in this respect. If it is unable to do so (eg, because its rules would not allow payment of benefits at the required time) the transfer payment cannot be accepted.

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