PSI14.3.3 - Transfer Payments: Assignment of Policy to a New Employer - Assignment of Policy Without Documents

(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)

Where the policy alone is assigned, the action to take depends upon whether it is being assigned to an existing approved scheme or a new scheme is being set up to receive it. If the policy is assigned to an existing approved scheme no problems arise and no special action is required. If the policy is assigned to a newly established scheme a new application for approval should be submitted in the usual way. It should be examined normally but check in particular that the new employer is contributing towards the benefits for the transferring member. Where a policy is assigned it should not result in a transfer value exceeding the limits set out in PSI14.1.4.

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