Stand-out Q – block transfers

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FRI, 23 MAR 2018

Our Technical Hub provides access to a wide range of pension tax and trust technical resources. Every now and then we post tweets covering stand out questions from our technical content and our answers in case others might also find them helpful. As Twitter’s character restrictions only allow for the bare bones of the Q&A we link to the details here, too.

Question
My client has a SIPP under one scheme, of which they’ve been a member for more than 12 months. Can they make a block transfer from another scheme to a new SIPP under the same scheme where they have been a member for more than 12 months?

Answer
No, both the existing SIPP and new SIPP would be set up under the same scheme and the legislation states you cannot transfer using the block transfer rules once you have already been a scheme member for more than 12 months. In this context a member includes not only active members, but also deferred members, pensioner members and pension credit members.

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