PSI14.2.31 - Transfer Payments: Benefits from Transfer Payments - Transfer To PPSs

(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)

[PN16.19]

There is a further condition attached to the acceptance of a transfer payment by a personal pension scheme from an occupational pension scheme or a buy-out contract. It derives from The Personal Pension Schemes (Transfer Payments) Regulations 2001[SI 2001 No 119] and requires that a certificate must be obtained to demonstrate that the proposed transfer is within an amount calculated in accordance with Appendix XI of PN. If that certificate cannot be given the transfer cannot proceed. Any queries regarding this requirement, or the calculation, should be referred to PSTA.