A transfer is simply where we work out the ‘cash value’ of your benefits, then pay this over to another pension scheme, for example a company pension scheme or personal pension.
You can ask us for details about a transfer at any time, but please ask as soon as possible as there are sometimes time limits. Once we get your request, we will provide you with a statement within three months.
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If you want to go ahead, you should write and tell us within three months of the statement date, and we guarantee to pay it within six months. If this is not possible, we will work out the transfer again, and either pay this new amount, or the old amount plus interest if better.
 Frequently asked questions
Even if you do not ask for a transfer at the point you leave, you can ask for one at some point in the future. In fact you have the right to ask for an up to date statement of the transfer value once a year. But watch out, some schemes restrict inward transfers.
More about refunds
More about deferred benefits
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How transfers are worked out
We will work out the present day value of the benefits you have built up, including your retirement lump sum and pension, and a pension for your husband, wife, or civil partner. To do this, we use factors supplied by the Government Actuary which take account of inflation, investment returns, and life expectancy. We then make what is called a market level adjustment, which either increases or decreases the transfer value, depending on investment returns at the time. |
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Transferring 
