If the
member who wants to transfer from your scheme does
not have any form of protection against the tax charges on the
lifetime allowance and on unauthorised payments,
there are no additional requirements on the
scheme administrator where the receiving scheme(s)
is another
registered pension scheme. A transfer from another
pension scheme, whether registered or not, is not
a contribution and no tax relief can be claimed.
Transfers between registered pension schemes are
recognised transfers. These are authorised
payments and you do not need to report them to HMRC or provide the
member or the receiving scheme with any information under HMRC
rules.
You may therefore make the transfer in accordance with your
scheme rules and any Department for Work and Pensions (DWP)
requirements.
| Glossary ( RPSM20000000) |
