Benefits

Transferring your benefits

You can transfer your benefits to another pension

You can ask for your benefits to be converted to a cash value that you can move to another pension. This is called ‘transferring out’.

Transferring out of a defined benefit pension is one of the biggest financial decisions you can make. You’ll be choosing to irreversibly and permanently give up valuable benefits from the Scheme - like a guaranteed income for life and benefits for your family.

The Financial Conduct Authority and The Pensions Regulator believe it’s in most people’s best interests to keep their defined benefit Pension.

Last updated: 31/10/2024

The most common pension scams involve asking you to transfer your pension. If someone’s asking you to do this, stop and check whether you’re being scammed.

Deciding whether to transfer out

Start by visiting MoneyHelper, the government-backed independent money guidance website. Read about the reasons some people transfer out, and what the risks are.

Next, find out how much your benefits would be worth if you transfer them.

You can log in to get an estimate or you can contact us to request a transfer value. You can request a transfer value for free once a year. If you ask more often, there might be a charge.

Finally, you should get advice from an independent financial adviser. If the value of your benefits is £30,000 or more, the law says you must get advice before we can let you transfer your pension. Find a financial adviser.

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