As an alternative to leaving your deferred benefits in the Scheme, you may choose to take a transfer payment to either your new employer’s scheme or to another pension arrangement. This can be requested at any time up to a year before your Normal Retirement Date and will be the cash equivalent of your benefits (including death benefits but excluding any allowances for discretionary benefits).

Having left service you may request the Trustees to provide you with a statement of entitlement of your cash equivalent. You should receive this statement within three months of your written request. The amount on the statement will be guaranteed for three months.

If you have at least 3 months but less than 2 years Qualifying Service when you leave you can choose to take a transfer as above instead of your refund and Protected Rights. You have three months after leaving to choose this option and the transfer must be completed within six months of leaving service.

Note: The amount of your transfer payment will never be less than the balance of your Individual Pension Account. This is your “Value for Money Guarantee”.