As an alternative to a deferred pension, you can transfer the cash equivalent of your deferred pension to a Personal Pension Plan or, if you are leaving the Company and moving to a new employer, to your new employer’s scheme.
The transfer value calculation includes an allowance for both guaranteed and discretionary pension increases and the transfer payment is calculated on a basis agreed by the Trustee on the advice of the Scheme Actuary.
If you are considering transferring the value of your ABF Pension to another pension arrangement please contact the ABF Pensions Department. You will be sent a quotation together with forms that will need to be completed and returned before the Transfer Value can be paid out.
Warning: The reality of 'pension liberation schemes', which promise to pay lump sums to members before they reach age 55, is that much of the transfer value may be taken in fees and HMRC will regard payment of lump sums (other than on ill health or death) prior to age 55 as 'unauthorised' payments and will levy a tax charge of 55% on the scheme member. Pension 'liberation' is fraud; we are working hard to ensure that we are not complicit in transferring members' funds to such schemes.