If you want to exercise your Open Market Option (OMO) to purchase a pension annuity from Partnership, you may first wish to withdraw up to 25% of your pension fund as your Pension Commencement Lump Sum (PCLS).
The originating pension scheme will normally pay the PLCS, however, there are some instances when the scheme is unable to pay this. Partnership's Personal Pension Transfer Plan acts as a vehicle for paying your PCLS and purchasing an annuity with us. As such, it does not normally hold funds on your behalf and there is no benefit payable on death.