A pension transfer from a final salary (DB) pension scheme means giving up your benefits in the scheme in return for a cash value, which is invested in another pension scheme
Before you start a pension transfer, you should take advice from a financial adviser (IFA) or The Pensions Advisory Service (who give independent advice on general pension rules and regulations) about your choice of pension scheme and make sure your new pension will definitely accept your transfer.
You can transfer your pension pot to:
- another registered pension scheme
- a non UK pension scheme that is a qualifying recognised overseas pension scheme (QROPS)
- the Pension Protection Fund (PPF) or Financial Assistance Scheme (FAS)
- Using your pension pot to buy a deferred annuity contract (also known as a section 32 buy out policy) is also an acceptable transfer.
If you are considering a transfer out of the NEC Staff Pension Scheme (UK), you will need to contact our Scheme Administrators for a Transfer Value Quotation.