PSI20.9.7 - Funding and Surpluses: Scheme Mergers & Winding-Up - Re-organisation without Refund

(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)

A transfer payment usually represents the accrued benefits of the members involved but the whole of the assets of a wound-up scheme, including any surplus, may be transferred to another scheme of the employer that the members of the wound-up scheme have joined, as explained in PN 10.25 and subject to the satisfactory utilisation of the surplus within the receiving scheme.

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