You can transfer your Scheme benefits to another HMRC registered pension arrangement.

You will need to:

  • 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 financial decision.

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 are considering transferring out and want a more detailed understanding of what this means for you, you are encouraged to visit My Retirement Planner. You will need to login to Pension self-service to use My Retirement Planner. Once logged in, you can find it under ‘Your Services’.

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 also links to additional support and guidance including access to dedicated and independent financial advice.

There’s a Q&A about My Retirement Planner that explains more about the services it provides.

The Trustees have appointed a specialist firm of independent financial advisers (IFA) to help you make sense of your options.

They can provide bespoke advice based on your retirement figures and specific circumstances. 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.

For most of you who 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.

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 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.