You can transfer your deferred benefits to another arrangement as long as it is registered with HM Revenue and Customs (HMRC), this could be:
- A new employer’s pension scheme (if it is able and willing to accept transfers in); or
- A personal pension arrangement.
Taking a transfer from the Scheme is not right for everyone and we strongly advise that you discuss what a transfer means for you with an independent financial adviser before making a decision.
If your Cash Equivalent Transfer Value (CETV) is £30,000 or more, under current legislation you must obtain financial advice from an independent financial adviser and provide the Scheme administrator with evidence this has been done before they can pay your CETV to your new pension arrangement.
Watch out for scams
Thousands of people have lost their pension savings after falling for a pension scam. Visit this page to learn how to spot the signs of a scam.