As an alternative to leaving your Pension Account invested or retiring and drawing your benefits from the Scheme, you can transfer the value of your Pension Account to another approved pension arrangement. This could be a personal pension or a pension with a new employer.
If you are considering transferring the value of your Pension Account to another pension arrangement, please contact us. You will be sent a quotation, together with forms that need to be completed and returned before the transfer value can be paid to your chosen provider.
Please note: While we are able to accept forms sent by email, we cannot accept forms which have been signed with an electronic signature. To avoid delays to your transfer, please ensure you sign all documents with an actual ‘wet ink’ signature. If you use an electronic signature, we will be unable to process your request and you will be asked to recomplete the relevant form(s).
Help and advice
The Trustee strongly recommends that you take financial advice before making a decision about your pension. Our Help and advice page sets out a range of services you may wish to use.
Restrictions on transferring your pension
From 30 November 2021, the Government introduced conditions which must be met if you wish to transfer your pension out of the Scheme. These have been introduced to help combat the increase in pension scams which are taking place. Data from Report Fraud indicates that over £17 million was lost to pension scams in 2024, with scammers adopting increasingly sophisticated tactics.
Should you request a transfer and one or more of the conditions cannot be met, you will not be able to transfer your pension out of the Scheme to your chosen provider. Please be aware that if you request a transfer we will ask you for certain information to be provided to help us determine if the conditions have been met and we may also need to speak to you by phone.
Should we require any further information or need to speak to you by phone, this must be directly with you and not via any third party (for example a regulated financial adviser). Please be patient when requesting a transfer as these requirements are adding significant processing time while we carry out all of the required checks.
For further details on the conditions that must be met and how we will process your transfer request, click here.
Do you know how to spot a pension scam?
As already noted above, there are a significant number of pension scams taking place and you need to be aware of the companies and individuals who may try to convince you to transfer your benefits to an arrangement that is later found to be a scam. You can find out more information on how to identify and avoid potential scams by clicking here.