Transfer payments

A transfer payment is a cash amount representing the value of your benefits, which can be transferred to another registered pension arrangement.

A transfer payment may be made to:

  • another employer’s pension scheme
  • a personal or stakeholder pension arrangement
  • an insurance company of your choice to secure a buy-out policy
  • a qualifying recognised overseas scheme

You can apply for a transfer payment at any time up to one year before your deferred pension is due to start.

Please contact UK Pensions Operations if you are considering taking a transfer payment as there are a number of issues you should consider.  For advice on transfer payments you should contact an independent financial adviser.

The Pensions Regulator has recently updated their guidance on pension transfers. Please click here for further details or you can download their booklet on the subject by clicking the thumbnail below: