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Thinking of moving your pension?

Your pension pot is used to provide you with benefits at retirement and we will write to you providing a personal illustration of your benefits, and asking you to make some important decisions, either on request, or six months before your retirement date.


If you were a member of the Money Purchase 2003 Section prior to 6 April 2016 you were contracted out of the State Second Pension up to that date. This means that the Plan has to provide you with a minimum level of pension. If your pension pot at retirement provides less than the minimum level, the Plan will pay a top-up to ensure the correct level of pension is paid. In this case, you will not be eligible to take early retirement from the Plan before age 62. To find out if this applies to you the Reference Scheme Test (RST) is used.

If you decide to transfer your pension pot out of the Plan the transfer must be treated as if it were a Defined Benefit (DB) to Defined Contribution (DC) transfer.  The means that any transfer value in excess of £30k will require regulated financial advice and there will be a cost to receiving this transfer advice.  Members should therefore weigh up the advantages and disadvantages before proceeding. A regulated adviser will always disclose the costs of their service at the outset. Click here to find an independent adviser in your area on the MoneyHelper website.

 Click here to find out more about your options.

 Click here to find out more about the RST and transfers out.



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