PSI20.8.49 - Funding and Surpluses: Section 603 & Schedule 22 ICTA 1988. (Formerly Part II Schedule 12 FA 86) - Reduction of Surplus - 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)

[PN13.18]

If an AVR or certificate completed in accordance with the Regulations discloses a surplus in excess of 5% of the liabilities, the administrator must submit proposals for the elimination of the excessive surplus within 6 months of the date of signature of the report or certificate.

Contact: | Date issued: | Next review: