The following Pensions Q&A provides comprehensive and up to date legal information covering:
This Q&A covers the situation where there have not been any individual transfers by the relevant member of their benefits from the original defined contribution (DC) occupational pension scheme to another scheme to utilise flexi-access drawdown.
Since A day (6 April 2006), the scheme administrators may still pay lump sum benefits where those benefits exceed 25% of the total value of the member’s uncrystallised pension rights in the scheme. The lump sum paid in these circumstances is often referred to as a scheme-specific lump sum, and the protection which applies as scheme-specific lump sum protection.
However, in order for scheme-specific lump sum protection to apply, certain conditions must be satisfied:
the scheme-specific lump sum must be paid from either the registered pension scheme in which the rights to a scheme-specific lump sum were held on 5 April 2006 (the original scheme), or the registered pension scheme to which the rights to a scheme-specific lump sum were transferred since 6 April 2006 as a block transfer of pension benefits. Where there is a block transfer, the legislation treats the pension scheme receiving the block transfer as if it were the original protected pension scheme—see The Pension
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