Transferring your benefits

If you have left but retained a preserved pension in the Scheme, you can ask the Trustee to transfer a "cash equivalent" of your benefits to a new employer's scheme (if that scheme is willing and able to accept the transfer) or a personal pension/retirement savings policy of your choice. Your right to a transfer continues up to your Normal Pensionable Date.

You can ask for one transfer value calculation in any twelve-month period. The value you are given will take the form of a capital sum, known as the cash equivalent, representing the value of the pension you earned under the DB Section, up to the date you left. It includes the value of any Additional Voluntary Contributions you have paid. It allows for any statutory increases between the date you leave Pensionable Service and your Normal Pensionable Date, and allowance is also currently made for any discretionary pension increases the Company may award.

If the estimate of the cash equivalent is needed because of a divorce settlement, you should tell the Trustee this as it may need further information from you.

The cash equivalent value will be guaranteed for 3 months from the date on which it has been calculated (the "guarantee date"). The statement will normally be given to you within 10 working days of the quotation date. If you want to transfer the cash equivalent quoted to another scheme or buy-out policy, you must apply in writing to the Trustee within 3 months from the guarantee date shown on the statement of entitlement.

Get advice!

Before you decide to transfer your benefits please make sure you get appropriate advice. To find a local Independent Financial Adviser please cllick here.

For more information on a transfer value quotation contact Staff Pensions Administration.