HMRC extends rules on protecting tax-free cash

The rules governing the winding up of a scheme and the transfer to a deferred annuity, or Section 32 (S32) plan, were originally published in September last year, and protected certain pre-A-Day rights such as earlier retirement ages, and a tax free cash allowance greater than the 25% allowed after A-Day. In the original draft the Revenue issued two circumstances where pre-existing rights would be protected during transfers. In the first case an early retirement age would be kept providing the transfer came under the Transfer of Undertakings Protection of Employment (TUPE) Regulations and...