What type of arrangement can I transfer to?
A member can transfer to:
1. A registered pension scheme which is a:
- Occupational Pension Scheme
- Personal Pension Plan (PPPs)
- Stakeholder Pension Plan (SHPs)
- Self-Invested Personal Pension (SIPPs)
- Group Personal Pension Plan (GPPs)
- A buy-out (insurance) policy
2. A Recognised Overseas Pension Scheme (ROPS)
Some common questions
Can I transfer my benefits to an ISA?
- No – a member can only transfer from one pension arrangement to another.
Can I transfer my old pension scheme to a new one?
- Not necessarily – schemes do not have to accept a transfer (except for Stakeholder schemes).
- If a member wants to transfer DB benefits to a DC arrangement, they must seek appropriate independent advice from a regulated financial adviser if the transfer value is over £30,000.
My defined benefit scheme is in deficit. Should I transfer out?
- It is best to seek regulated advice first. It may be a short term problem and a member is likely to be offered a reduced CETV. If left, the scheme funds may improve.
