Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Block transfer definition

What does Block transfer mean? In pensions practice, a block transfer is the transfer, in a single transaction, of all the sums and assets representing a member’s accrued rights under a particular arrangement, together with the corresponding rights of at least one other member, from one pension scheme to a receiving pension scheme. In England & Wales, Scotland and Northern Ireland, the concept is defined for tax purposes in the Finance Act 2004 and explained in HMRC’s Pensions Tax Manual. It is primarily relevant to transfers between registered pension schemes where the member wishes to preserve tax protections (for example, enhanced protection,...

Block transfers: retaining protected pension age and scheme‑specific lump sum protection; NMPA 57 changes, transitional relaxations and scheme wind‑up annuity conditions

Published by a LexisNexis Pensions expert

Practice notes

FORTHCOMING DEVELOPMENT :

Section 10 of the Finance Act 2022 will lift the normal minimum pension age (NMPA) from 55 to 57 on 6 April 2028, with members of the firefighters, police and armed forces public service pension schemes excluded. The Act also preserves access before age 57 for members of registered schemes who, on or before 4 November 2021, either already held an ‘unqualified right’ to draw benefits, or were part-way through a substantive transfer to a scheme conferring an unqualified right to a protected pension age below 57 by that date. To rely on this 2028 protection, the scheme’s rules must, as at 11 February 2021, have contained an unqualified right to take scheme benefits before 57. For more detail, see Practice Note: Increasing the normal minimum pension age (NMPA) to 57—pensions impact. As a general position, members of registered pension schemes can commence taking pension benefits from age 55 (from age 50 before 6 April 2010), unless they meet the ill-health condition...

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Wyn Derbyshire

gunnercooke LLP

Wyn is a partner at gunnercooke LLP and specialises in pensions, trust and employment law in all industry sectors, dealing with the transactional, advisory and documentation aspects.He also has wide experience of the pensions implications of heavyweight corporate transactions and flotations, the issues arising from the establishment and merger of pension schemes, and sex equalisation and other discrimination issues in respect of benefits provided by pension schemes. In addition, he provides advice to pension scheme trustees generally.Recent transactions include advising Amcor on pension matters relating to the acquisition of Alcan business and the acquisition of Northern Foods PLC by Boparan Holdings.He is a co-author (with Stephen Hardy and Stephen Maffey) of TUPE: Law and Practice, published by Spiramus Press (now in its 4th edition), and co-author (with Stephen Hardy and David Wicks) of Money & Work, published by Spiramus Press in August 2007. He has also...

Web page updated on 21/05/2026

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