Transfer
You can transfer your deferred benefits to another approved pension scheme as long as it is fully approved by Her Majesty's Revenue & Customs (HMRC) for this purpose.
When you join a new scheme just tell them you want to transfer your previous pension to them and they will get a cash equivalent transfer value from us. Your new pension fund will then be able to tell you what this amount will buy in your new scheme.
If you decide to go ahead with the transfer, the cash equivalent transfer value is transferred to your new scheme.
All transfer quotes are guaranteed for a three month period and you are only entitled to one guaranteed transfer quote within any 12 month period. Any subsequent guaranteed quotes would be charged - you can view the charges here. If you request payment after the transfer value guarantee period, the cash equivelent transfer value will be recalculated and the new value may be more or less than the original quote.
You can transfer your benefits but you cannot receive a cash refund.
Your deferred benefits provide a wide range of inflation proofed benefits for you and your family and you should seek independent financial advice before making a decision to transfer.
