PSI16.2.14 - Discontinuance of Schemes: Winding-Up - Form of Benefits on Winding-Up - General

(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)

[PN14.5]

When a scheme is wound-up the benefits must be provided from sources outside the scheme. As explained in PSI16.1.3this can be done:

1. by transfer to

1. a new employer’s scheme, or
2. another scheme of the same employer, where the winding-up is part of a re- organisation of the employer’s pension arrangements, or
3. a personal pension scheme, or

1. by the issue to the members of individual buy-out policies from a Life Office;
2. by the assignment of individual scheme policies to the members.

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