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SSAS transfers to PPs: PSO Sets Deadline
by Ian Neale 20/02/2001 Printer-friendly version of this page
From 6 April 2001, all transfers to PPs from occupational pension schemes must comply with the new PP Transfer Regs and the associated new Appendix XI to the Practice Notes (IR12) published on 22 January 2001. Anticipating a flood of applications from SSASs (since all SSAS transfers require prior PSO approval) seeking to avoid the new rules, PSO has today announced an application deadline of 9 March.
This gives them an extra week on their published normal turn around time of 15 working days. Applications received after 9 March are unlikely to be approved by 6 April - especially if lacking relevant information. The announcement draws particular attention to the requirements for transfers after NRD and in-specie transfers.
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