Transferring your pension

You can transfer your benefits out of the Scheme any time up to one year before your pension is due to start (up to age 59, because your normal pension age is 60).

(Please note it takes a while to process a transfer of benefits, therefore if you want to transfer out before age 59 you should start the process 3- 6 months before then).

You can transfer your deferred benefits to another arrangement as long as it is registered with HM Revenue and Customs (HMRC), this could be:

  • A new employer’s pension scheme (if it is able and willing to accept transfers in); or
  • A personal pension arrangement.

Taking a transfer from the Scheme is not right for everyone and we strongly advise that you discuss what a transfer means for you with an independent financial adviser before making a decision.

If your Cash Equivalent Transfer Value (CETV) is £30,000 or more, under current legislation you must obtain financial advice from an independent financial adviser and provide the Scheme Administrator with evidence this has been done before they can pay your CETV to your new pension arrangement.
 

Pension scams/ fraud

Thousands of people have lost their pension savings after falling for a pension scam; please take the time to consider the following steps to protect your pension:

  1. If you have already signed something you’re now unsure about, call Action Fraud on 0300 123 2040 and contact the Scheme Administrator immediately. They may be able to stop a transfer that hasn’t taken place yet.

  2. Be wary of cold calls and unsolicited texts or emails. Scammers will often claim they’re from Pension Wise or other government departments. These organisations would never phone or text to offer a pension review.

  3. Don’t be rushed into a decision. Scammers will try to pressure you with ‘time limited offers’ or send a courier to your door to wait while you sign documents. Take your time to make all the checks you need, even if this means turning down an amazing deal.

  4. Don’t fall for ‘guaranteed’ returns. You can never guarantee returns on an investment.

  5. Make sure your adviser is in the Financial Conduct Authority (FCA) approved register. Scammers may pose as financial advisers, check yours is registered on the FCA website.

  6. Check the FCA’s list of known scams.

  7. If you have doubts ask The Pensions Advisory Service (TPAS) to help you. You can call them on 0300 123 1047 or visit the TPAS website. TPAS also have a useful tool you can use to help you identify a scam, this can be found at www.pensionsadvisoryservice.org.uk

The Pensions Regulator’s pension scams booklet provides more information on how to protect your pension.
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