There are alternative options to taking your pension from the Scheme, and you can choose to transfer your benefits to another pension arrangement where you might have more flexible options for accessing them.
Transferring to an alternate pension provider is a significant decision which is not always in everyone’s best financial interests and in most cases the law requires you to take advice. Generally, you are required to take financial advice and gain approval to transfer before a transfer can take place.
Depending on your circumstances, legislation and the safeguarding checks now formally required by the Trustees, it can take up to nine months for a pension transfer to complete.
This section sets out the transfer process and what it involves.
Understanding your options
If you’re interested in transferring your Scheme pension, visit My Retirement Planner to find out your options and potential figures.
Login to Pension self-service – My Retirement Planner can be found under ‘Your Services’.
You can view your retirement figures here when you’re within a year of your earliest retirement age, (usually age 54, but might be 49 if you left due to redundancy).
If you can’t access My Retirement Planner, please contact the BW admin team to request a retirement quote.
If you are already receiving your pension you no longer have the option to transfer.
Click the button below to see the steps of the transfer process.