Pensions: alternatively secured pension (ASP) between 6 April 2006 and 5 April 2007: closing a case where no charge arises on the scheme member death
Where no charge arises on the scheme member’s death a recapture charge will arise when the relevant dependant dies or ceases to qualify as a relevant dependant.
When closing a file where no charge has arisen you should mark the file O(F). You should determine the future review date by reference to the information provided by the scheme administrator on form IHT105
- if the relevant dependant is the deceased’s spouse or civil partner select a review date 10 years ahead or (if less) when the spouse or civil partner will be 85
- if the relevant dependant is the deceased’s child select a review date for their twenty third birthday
- otherwise select a review date for 10 years ahead.
There is no designated future marking for these claims, so simply write the letter F and the review date in the Review column on the file cover.
There will be no recapture charge where the funds are paid to a charity or where the dependant’s benefits will completely exhaust the fund (for example the fund is used to purchase an annuity which ceases when the child reaches 23). In these cases the file can be closed.