You can arrange for your Scheme pension benefits to be transferred to another Registered Pension Scheme, for example, your new employer’s pension scheme, a personal pension or a Stakeholder pension. The transfer payment will be equal to the cash value of your pension benefits (based on market conditions at the time of the transfer) and is called the Cash Equivalent Transfer Value (CETV).

Please note the following in relation to transferring your pension benefits:

• Any transfer out is subject to the receiving scheme being willing and able to accept the transfer value.
• Please note that it is the Funds policy to issue only one transfer value quotation per individual in a Scheme Year (1 April to 31 March) and we charge a fee for the issue of a further quotation in this period, this is currently £250 +VAT.
• On completion of a transfer out you would give up all benefits you may have been entitled to under the Scheme.
• You are recommended to take independent professional advice when considering a transfer out.

Please also see 'Transfer Scams'.