The principle that an unauthorised member payment (see ¶381-000) arises where the member or any dependant (see ¶392-050), nominee or successor (see ¶392-060) of his, assigns benefits under a pension scheme (see ¶381-100), is extended to cover surrenders of benefits.
An unauthorised member payment therefore arises where there is a surrender:
•by the member, dependant, nominee or successor of any benefit, other than an ‘excluded pension’, to which that person has a prospective entitlement;
•by any person of any rights in respect of sums or assets held for the purposes of any arrangement under the scheme relating to the member, or
Want to read more?
This content requires a Croner-i Tax and Accounting subscription.