PSI25.2.17 - Flexibility in Pension Provision – Annuity Deferral/Income Drawdown - Transfers

(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)

Once a member/survivor takes income drawdown in relation to an employment, no transfers of any other benefits in relation to that employment will be generally permitted. This does not apply where additional voluntary contributions benefits are in payment prior to the commencement of employer funded in accordance with PSI25.3.1.

The prohibition of transfers once benefits have come into payment as set out in PSI14.1.8 (subject to the exception specifically permitted in PSI14.1.9, i.e. scheme reconstructions) must be complied with.