Photoluminescence studies of the charge transfer exciton emission from a narrow-bandgap polymer-based bulk heterojunction are reported. The quantum yield of this emission is as high as 0.03%. Low temperature measurements reveal that while the dynamics of the singlet exciton is slower at low temperature, the dynamics of the charge transfer exciton emission is temperature independent. This behavior rules out any diffusion process of the charge transfer excitons and energy transfer from these interfacial states toward lower lying states. Photoluminescence measurements performed on the device under bias show a reduction (but not the total suppression) of the charge transfer exciton recombination. Finally, based on the low temperature results the role of the charge transfer excitons and the possible pathways to populate them are identified.