Rowanmoor to continue with in-specie transfers

The firm's announcemnet is in response to a document from the Association of Member-Directed Pension Schemes (AMPS) outlining HM Revenue & Customs’ (HMRC) expectations on how in-specie contributions work, following a series of meetings designed to provide the industry with more clarification. However, while the seven-page newsletter confirms HMRC requires in-specie contributions to be declared in a monetary form, it also points out in order to receive tax relief on the contribution a “legal and irrevocable debt” must be created. And it warns a “standard single contribution application” ...