Provided that the receiving arrangement is a registered pension scheme or a Qualifying Recognised Overseas Pension Scheme (QROPS) if you are transferring overseas, then you will generally have the option to take a transfer value from the DB Section before your Normal Retirement Date.
The transfer value will take the form of a capital sum, known as the cash equivalent transfer value (CETV), representing the value of the pension you have earned under the DB Section. Your CETV may include the value of any AVCs you have paid under the DB Section.
You may ask for an estimate of the CETV available to you. Within three months of your request, the Trustee will give you a written statement of entitlement. This statement will show your CETV which is guaranteed for three months from the date on which it has been calculated (the guarantee date). The statement will be given to you within 10 working days of the guarantee date.
The Trustee is not legally required to provide you with another CETV within 12 months of the date of the last request. If you request more than one transfer value quotation in any 12 month period, the transfer value may not be guaranteed and the Trustee may charge you for the provision of this estimate.
You may also be able to see an estimate of your transfer online via MyPension.
Please note:
As an Active member you can choose to transfer your DB Section benefits out of the Scheme. However, you will need to opt out of the DB Section and become a Deferred member first. If you opt out you will cease to build up further benefits within the DB Section. The death in Service benefits payable to your Dependants may also be affected. For more information about opting out please see the ‘Opting out while remaining in service’ page of this website.