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Buy Out Policy (Section 32 Policy)
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A Buy Out Policy is used for the purpose of transferring pension entitlement from an Occupational Pension Scheme to a stand-alone policy.
Unlike a Personal Pension Plan, benefits in retirement from a Section 32 Policy are subject to maximum limits based on the limits laid down in the Occupational Pension Scheme from which the entitlement was transferred.
Go to Moneyextra's Pension section
Last Updated: May 2007 © Moneyextra.com
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