PSI14.2.40 - Transfer Payments: Benefits from Transfer Payments - Benefits for Added Years - Post-Finance Act 1989 Members

(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)

Pension: (As above)

Lump sums: Members subject to the post-Finance Act 1989 regime may have a maximum approvable lump sum of the greater of 3/80ths of final remuneration for each year of service (up to 40 years) and 2.25 of the initial pension payable before commutation or allocation to provide for a widow(er) or dependants(see PSI8.1.25). Where added years are credited, this applies also to the pension derived from the added years credit, except where PSI14.2.16 applies.