You can transfer your Scheme benefits to another HMRC registered pension arrangement but before you can do so, you will need to:
- Opt out of the Scheme and become a deferred member
- Take financial advice if your transfer value is more than £30,000 — this is a legal requirement
- Fully understand the implications of transferring out — what this means for you and whether it’s right for you.
Transferring your benefits out of the Scheme is an important, irrevocable financial decision. It should only be undertaken after careful consideration and following specialist financial advice.
You can transfer your benefits to:
- Another occupational pension scheme
- A personal pension, e.g., a self-invested personal pension (SIPP) or other individual pension arrangement
- A qualifying recognised overseas scheme (QROPS).
Considering transferring? Visit My Retirement Planner
If you want a more detailed understanding of what transferring out means for you, visit My Retirement Planner, which is available from the ‘Your Services’ page when you login to Pension self-service
My Retirement Planner is a secure online tool that explains more about transferring out and other retirement options. It’s designed to help you understand and compare these options but not to tell you what to do. It provides links to additional support and guidance, including access to dedicated and independent financial advice. There’s a Q&A that explains more about the services it provides.
The Trustees have appointed a specialist firm of independent financial advisers (IFA) called WPS Advisory (known as WPSA) to help you make sense of your options. They can provide bespoke advice based on your retirement figures and specific circumstances, if you’re eligible and should you need it.
The Trustees will pay for you to receive advice once when you’re within a year of your earliest Scheme retirement age (usually age 54). You can use your own IFA if you wish but you will have to pay for this yourself.
If you are within a year of your earliest retirement age, My Retirement Planner will provide your Scheme retirement figures and an illustrative transfer value. This represents the equivalent cash value of the Scheme benefits you have earned so far.
If you are made redundant, My Retirement Planner may not show your latest figures until after your redundancy date.
If you decide to leave the Scheme and transfer out, you have a legal right to apply for a transfer value at any time up to one year before your pension is due to start.
You are entitled to one free transfer quote a year from the NGUKPS pension team. If you are within one year of your normal pension start date, or if you are over normal Scheme retirement age, you will need Trustee approval.
Scroll down for the steps of the transfer process.
