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. 
• You will normally not be allowed to transfer your benefits within 12 months of your Normal Retirement Date.
• You have a statutory right to request a statement of transfer value once every twelve months.
• 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 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

The ITB Pension Fund is a Defined Benefit (“DB”) scheme, the new flexible options you may have read about will not apply to members of the Fund.  You may be considering a transfer of your benefits from the ITB Pension Funds to a Defined Contribution (DC) Scheme and in doing so you should ensure you are aware of the benefit available from the ITB Pensions Funds and those you may receive in return for transferring to a DC scheme.  

If you are transferring to a DC arrangement, and your transfer value is in excess of £30,000, you will have to prove that you have taken independent financial advice and that you are fully aware of the costs and benefits associated with the transfer.  You should also be aware of the benefits that you are giving up.

Please also see 'Transfer Scams'

The ITB Pension Funds are not permitted to give you financial advice. 

A list of Financial Advisers, can be found on the IFA Promotions website: www.unbiased.co.uk.  Alternatively further information can be found via The Pensions Advisory Service www.pensionsadvisoryservice.org.uk or the Money Advice Service www.moneyadviceservice.org.uk/en/categories/work-pensions-and-retirement.