Transferring your pension out
You can transfer your pension to another pension scheme as long as the new scheme is one approved by HMRC and willing to accept the transfer.
If you want to transfer your pension you should tell your new scheme that you hold benefits within the Scheme.
- They will approach us for a transfer value and let you know what the benefits are worth in their scheme.
- Your new employer or pension scheme will then work with you over whether or not you wish to go ahead with the transfer.
- If you decide that you want to go ahead with the transfer they will ask us to pay the transfer payment over to your new pension scheme.
Deciding to transfer your benefits is an important decision. You may wish to take independent financial advice.