What deadlines are applicable?
The deadlines for dealing with transfers are prescribed by:
We will now find out more about deadlines.
Legal
The deadlines for dealing with transfers are prescribed by:
Transfer in
A member should receive a statement of prospective benefits in respect of a transfer value within 2 months of the request.
Transfer out - DB
If a member has benefits in a defined benefits scheme the transfer value must be calculated within 3 months of the request and passed to the member with 10 working days of the calculation date.
The transfer value will normally be guaranteed for 3 months and must be paid within 6 months of the calculation date.
Transfer out - DC
If benefits are held in a defined contribution scheme, a quotation must be provided within 3 months of the request and paid within 6 months of the application to transfer.
Remember, a transfer value cannot be guaranteed and the amount eventually paid may differ from the quotation as the amount depends on the value of the fund at the time they are disinvested.
Divorce
If a transfer value is requested and the scheme is aware that it is required for divorce purposes, a quotation should be provided within 6 weeks of the request or by the date specified by the court.
However, the trustees or administrators may be able to charge for providing an expedited transfer value.
Divorces in England and Wales are treated differently to divorces in Scotland. There is more detail regarding these differences in Module 8 – Divorce and Pension Benefits.
