Is PAYE and NIC deductable from a pension transfer enhancement excercise?
A client transferred out of an ex-employer's pension scheme.
The wording from the pension provider was -
"I can confirm the payment is part of an enhanced transfer exercise that Mr xxx accepted from the Company if he agreed to transfer out of the scheme. Each member in the exercise had the option of adding this enhancement payment to their benefits (tax free) as it was transferred to a new arrangement or alternately to receive the (taxable) fund from the Company into their bank account. "
My client took the money!
Should PAYE and NIC have been deducted?
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