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UK transfers

Transfers between UK workplace schemes 

You have a legal right to transfer your paid up pension or pot to another pension. You can do this until you are within one year of the scheme's normal retirement age or your selected retirement date

Transferring from a defined benefit scheme 

If you are taking a transfer from a defined benefit scheme, what you transfer is the value of your benefits, as worked out by the scheme. This is called a cash equivalent transfer value and is often referred to as a CETV. 

To find out your CETV, you need to write to your scheme to ask for a 'statement of entitlement'. Your scheme or provider may have a form to use to request your statement of entitlement. Your scheme should give you your statement of your entitlement, which will include your CETV, within three months of the date you requested it. The CETV will be guaranteed for three months.   

If you decide to transfer your benefits, you need to write to your scheme to request this within the guarantee period. Your scheme may have sent you a form for this purpose when it sent you your statement of entitlement. You will need to include details of the pension scheme or provider you want to transfer the benefits to. The scheme must then pay the transfer value to your chosen pension within six months of the start of the guarantee period. 

Transferring from a defined contribution scheme 

If you are taking a transfer from a defined contribution scheme, you transfer the value of your pot at the date of your transfer. 

To find out your transfer value you need to write to your provider. Your provider may have a form to use to request this. Your scheme should provide you with a statement of your transfer value within three months of the date you requested it.

If you decide to go ahead and transfer your benefits, you need to write to your scheme to request this. Your scheme may have sent you a form for this purpose when it sent you details of your transfer value. You will need to include details of the pension scheme or provider you want to transfer the benefits to. The scheme must then pay the transfer value to your chosen pension within six months of the date it received your transfer application.

Should you transfer?

Transferring your pension is a big decision. We are not able to advise you on transferring your pension. We suggest you seek help and advice from an independent financial adviser. 

Click here to find out about choosing an independent financial adviser.

Click here to find out about the sort of things you need to think about.

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