British Steel Pension Scheme
text size A A A

Keyword Search?

Transferring pension rights

Members have a statutory right to transfer their Scheme accrued benefits up to one year before Normal Pension Age (age 65).

The Pensions Office will provide a quote within 3 months of receiving the request.  The transfer value quoted will be guaranteed for a 3 month period, starting from the date it was calculated.  

If you ask for a transfer quote but you do not act within the guarantee period, it would have to be recalculated.  This may result in a different amount being available for transfer.

Where you want to transfer your deferred pension to a defined contribution/money purchase or cash balance-type arrangement (eg, to access the flexible retirement options now available to members of DC schemes), and your DB pension is valued at more than £30,000, you will have to provide evidence that you have taken ‘appropriate financial advice’ within three months of the quotation.