Transfer your pension

If you were a member of the Scheme for at least three months, you may transfer the value of your deferred benefits to another pension scheme (e.g. your new employer’s pension scheme), instead of taking a refund of contributions. The transfer value is a cash sum representing the value of the benefits you have earned while a member of the Scheme.

If you are interested in this option, download a Transfer-out authority form that you can use to request a quotation.

Major pension reforms were announced in the Government’s 2014 Budget, with further changes in the 2015 Budget. These changes introduce significant flexibilities for members of defined contribution schemes retiring from April 2015 onwards. Because the Scheme is a defined benefit scheme, the changes do not affect your Scheme benefits directly.

However, members may wish to understand the flexibilities that are available and the implications of transferring out of the Scheme. Go to Pension changes.

Members should seek independent financial advice and be aware of pension scams.

See Factsheet 10 Transfers and Early Leaver Benefits.