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 the member does not accept the transfer value within this guarantee period, it will lapse and require to be recalculated. This may result in a different amount being available for transfer.
Where a proposed Defined Benefit transfer is to an arrangement within the "flexible benefits" category (broadly defined contribution/money purchase or cash balance) and is more than £30,000 in value, the Scheme member must provide evidence that they have taken "appropriate financial advice" within three months of the quotation.