Where can a pension be transferred?

Where can a pension be transferred?

The member has the option of transferring pension benefits to:

1. Another registered pension scheme including:

1. A section 32 Buy-out Policy – this is a policy issued by an insurance company to the member in which the range of benefits will be similar to those in the transferring scheme, but to which the member cannot continue to pay contributions.
2. A Personal Pension Plan or Stakeholder Plan – the member can continue to pay contributions.

2. Recognised Overseas Pension Scheme (ROPS).

Beware of pension scams

Pension scams are on the increase in the UK."One-off Pension Investments”, "Pension Loans” or upfront cash are being used to entice savers. For most people the offer will be bogus. Members who are taken in will lose most, if not all, of their savings.

Pension scams can take many forms and some will appear to be legal; some scammers will even suggest that the Government has asked them to contact the members.

Some companies will advertise that members can transfer to their scheme and access "one-off investment opportunities”, receive a cash bonus or gain access to their pension pot before age 55.

Members can obtain a lot of help and information from the Pensions Regulator's website which includes booklets, videos and warning signs.

http://www.thepensionsregulator.gov.uk/individuals/dangers-of-pension-scams.aspx

A Reminder:

Transfers – 6 April 2015

• Members with DB pension benefits valued at more than £30,000 who want to transfer from the DB scheme to a DC scheme are required to obtain appropriate financial advice.
• Separate transfer rights exist for each category of benefit.
• Members with DC benefits can transfer them at any time.

SSRLS

Members who join a DC occupational pension scheme on or after 1 October 2015 will not be entitled to a SSRLS if they have been a member for 30 days or more.

Contracting-out

Contracting-out ended on 5 April 2016.