PSI14.3.10 - Transfer Payments: Assignment of Policy to a New Employer - Assignment of Policy With Documents - Change Of Principal Employer - Employment Unchanged

(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)

It is far more common for the documentation of an earmarked scheme to contain provision for the continuance of the scheme in the circumstances described in PSI14.3.8. As with individual arrangements the procedure is generally straightforward. There will normally be a deed which changes the principal employer and assigns the policy(ies). Information about the new employer will be required on form PS274 if that employer is not already a participator in the scheme. If all is satisfactory you should confirm that the existing approval of the scheme is unaffected. Consider any claim for continuous service in accordance with PSI6.5.71-73. Arrange for re-registration etc in accordance with Part 22 ( PSI22.1.1).