PSI21.3.23 - Centralised Schemes: Non-Associated Employers - Scheme Rules

(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)

[PN21.18]

The limits rule should restrict total benefits on retirement to a pension of 1/60th of final remuneration (as in PSI21.3.21) for each year of total relevant service (up to 40 years) or such greater amount (calculated in accordance with PSI21.3.21) as may be specifically agreed by the Board of Inland Revenue. Lump sum retirement benefits should be limited in the rules as explained in PSI21.3.22although as for total benefits, provision may be made for such greater amount (calculated in accordance with PSI21.3.21) as may be specifically agreed by the Board. Otherwise a rule which specifies calculation of all benefits on the successive slice basis may be acceptable if we can be satisfied that it will always produce the correct result.

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