Although the Inland Revenue has made it possible to transfer pensions after the normal retirement date, advisers should be aware some restrictions do still apply
Once upon a time, pension transfers after normal retirement date (NRD) were simply not allowed and anyone who reached normal retirement date had missed the boat as far as transferring away was concerned. In 1998 the Inland Revenue relaxed its ban on transfers after NRD but written confirmation of how this relaxation applies was not issued until October 2001, via Pensions Update 109. It is important to remember that this article sets out only what the Inland Revenue will permit. In specific cases the scheme rules may be more restrictive, by prohibiting any transfers after NRD or within ...
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