PSI14.3.8 - 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)

Where, unusually, the terms of an individual arrangement specifically provide for the arrangement to be continued:

1. on reconstruction, amalgamation, take-over etc of the original employer by a new employer with the member's employment remaining unchanged, or
2. where there is a reorganisation within a group of closely associated companies

or, although the documentation contains no such specific provision, a deed of amendment is executed to change the principal employer of the arrangement to a new employer, the situation described in PSI14.3.4does not apply. The procedure in these circumstances is generally straightforward. You will normally be provided with a deed which changes the principal employer and assigns the policy. Information about the new employer will be required on form PS274. If all is satisfactory you should confirm that the existing approval of the arrangement is unaffected. A fresh approval letter is not necessary in these circumstances. You should, however, consider any claim for continuous service in accordance with the guidance given in PSI6.5.71-73. Arrange for re-registration etc in accordance with Part 22 ( PSI22.1.1).