(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)
(
PSI21.3.25)
To: The Board of Inland Revenue
Name of Retirement Benefits Scheme
We as administrators of the above scheme for the purposes of
Chapter I Part XIV Income and Corporation Taxes Act 1988, as
amended, hereby undertake that we will refer to the Inland Revenue
before taking any action which falls within the following
paragraphs and we further undertake to bring this undertaking to
the notice of any new administrators of the scheme.
Arranging to provide retirement benefits whether on a scale or otherwise of such amount that the pension equivalent of all retirement benefits from this and from all other retirement benefits schemes of a participating employer or to which a participating employer has contributed would exceed 1/60th of final remuneration for each year of the member’s actual service with the participating employer to his/ her normal retirement age or, where the previous employer was participating in the scheme 1/60th of final remuneration for each year of aggregate service with a participating employer up to his/her normal retirement age.
Arranging to provide lump sum retirement benefits of such amount that the aggregate value of all lump sum retirement benefits from this and from all other retirement benefit schemes of a participating employer or to which a participating employer has contributed would exceed 3/80ths of final remuneration for each of the member’s actual service with the participating employer to his/her normal retirement age.
