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Transfers out

You may be able to transfer your pension benefits in this Scheme to another pension arrangement.

If you are interested in looking at this option further, you will need to request a Cash Equivalent Transfer Value (CETV) from the Pensions Department.

If you need a transfer value because of divorce negotiations, please tell the Pensions Department as this will affect the timescales.

If you’re thinking about transferring your pension, please think carefully before doing so and seek financial advice. You can also read The Pensions Regulator’s warning letter more information about transferring during this particularly uncertain time.

How can I transfer out?

Where can I transfer my benefits to?

You may be able to transfer your benefits to a pension scheme registered with HMRC. This could include a company pension scheme (either defined benefit or defined contribution), a personal pension plan, self-invested pension plan, a group personal pension plan or a stakeholder arrangement.

When can I transfer my benefits?

You may transfer your benefits at any time up to one year before your Normal Retirement Age (NRA).

You can request the details of your transfer value at any time. This value is guaranteed for three months. We will also send you details on how to proceed with the transfer.

We can provide a free transfer value quote every twelve months. If you need more quotes than this, there will be a charge.

If you would like to investigate transferring your benefits, please contact the Pensions Department.

How long does it take to get a transfer value quote?

The Pensions Department will normally provide your quote within three months of receiving your request. This quote will then be guaranteed for three months.

If you decide to go ahead with the transfer out, there is a further three months within which the payment must be made, provided all the necessary paperwork has been received by the Pensions Department.

Please note, the Trustees have the power to extend these timescales in certain circumstances. If this applies when you request a quote, the Pensions Department will let you know.

If you need a transfer value quote for divorce purposes, please let us know as different timescales will apply.

How do you work out my transfer value?

A CETV is the cash equivalent of your expected pension at retirement. The calculation of the transfer value is based on a number of things including your age, how long you would be expected to live after retirement, and financial market conditions such as interest rates. This is why the transfer value can go up or down.

What happens if I need a transfer value because I am getting divorced?

If you need a transfer value as part of your divorce negotiations, please contact the Pensions Department and let them know it is in connection with a divorce.

Where can I get financial advice about transferring my benefits?

Neither the Trustees nor the Pensions Department are able to advise whether you should transfer your benefits. If you are considering this option you should speak to an Independent Financial Advisor (IFA).

It is currently a legal requirement for you to obtain independent financial advice if your transfer value is greater than £30,000. You will have to provide evidence to the Pensions Department that you have obtained this advice if this applies to you.

The Trustees strongly recommend that you take the advice of an IFA regardless of your transfer value.

You can find an IFA in your local area by visiting Unbiased

You are also able to obtain further guidance from Pension Wise, the Government’s free service.

How do I spot a pension scam?

Unfortunately pension scams are still on the rise and scammers are finding new ways to trick people. Don’t be caught out.

Key warning signs:

Being contacted out of the blue, via a cold call, text message or email, or even somebody calling at your door.

Offers of a free pension review, overseas opportunities or attempts to sell you a too-good-to-be-true, ‘one-off’ investment.

Offering an opportunity to access your pension before the age of 55.

Fancy brochures and documents are becoming easier to create. Don’t trust somebody or a company just because their marketing looks credible.

Actions to take:

Don’t be left with very little, or no, pension savings and a large tax bill - the only people who benefit from scams are the scammers themselves.