PSI16.2.48 - Discontinuance of Schemes: Winding-Up - Prohibition on Amendment of Old Code Schemes - Review Procedures

(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)

If a scheme is approved under Chapter 1, Part XIV ICTA 1988 with a deficient winding- up rule it should be reviewed every 3 years to ensure that the funding position remains satisfactory. The review can be linked with examination of the scheme's actuarial valuation reports (if self-administered) or with any periodical reviews made by the Life Office.

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