PSI25.1.12 - Flexibility in Pension Provision – Introduction – Documentation for SSAS and Insured Self-managed Schemes

(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)

The funds of a member of a SSAS who is drawing down a pension are subject to the investment and borrowing restrictions set out in PN Part 20. This applies also where an insured money purchase scheme is using a self-managed fund.

Where a SSAS or an insured self-managed scheme adopts the flexibility provisions in PN Appendix XII check that the scheme documentation already contains the requirements of Regulations 4, 6 and 7 of SI 1991 No 1614 (as amended) concerning assets franking pensions in payment. If the documentation does not contain these requirements then the documentation must be amended at the same time that the flexibility provisions in PN Appendix XII are adopted.