...to another registered pension arrangement
You can transfer your benefits to another registered pension arrangement as long as you have the approval of the receiving scheme.
The value of your transfer will be the cash equivalent value of your Deferred pension. That means the cash value of your benefits at the date of the quotation, taking into account guaranteed future pension increases.
The basis of this calculation is reviewed and agreed by the Trustees in line with actuarial guidance and legislation. Please note that the Trustees have directed that transfer values should not take into account any discretionary increases to pensions in payment.
You can request a transfer value once a year, and the value is guaranteed for three months from date of quotation. Any additional transfer requests will be subject to a charge.
If you are considering transferring your pension benefits we would strongly recommend you seek independent financial advice, indeed if your transfer value exceeds £30,000 you will be required to take financial advice if you wish to transfer to a Defined Contribution Scheme.