Should all types of pension transfer into a SIPP be reported as a separate transaction in PSD (product code 20)?
The reporting of Individual Pension Transfers as a separate Product under Code 20 only applies in respect of those that are a ‘pension transfer’ as defined in the FSA Handbook . This is essentially those that involve the transfer of benefits from an occupational pension scheme to a private pension arrangement (eg a personal pension, SIPP or stakeholder pension), which would normally involve the advice of a pension transfer specialist. The definition can be found in the Handbook Glossary.
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