HMRC extends TFC protection to assigned policies

Under the A-Day legislation there were only two circumstances in which members could protect their entitlement to these extra benefits if they transferred benefits, or their scheme wound up after A-Day. They either have to transfer as part of a block transfer, which is two or more people, or they have to transfer into a section 32 deferred annuity contract, despite the industry pointing out another common way of dealing with benefits when a scheme winds-up is for a policy to be assigned to a member, as it avoids any transfer penalties or a market value reduction (MVR). At the moment, ho...