Transfers to DC schemes

Individuals in defined benefit (DB) schemes, such as the Scheme, who are at least one year away from their scheme’s Normal Retirement Age, have the right to transfer their pension benefits into another approved arrangement.

Whilst individuals with DB pension benefits may be attracted to the new flexibilities that are now available in DC arrangements, there are potential disadvantages in transferring benefits out of a DB pension scheme. For example your future pension income cannot be predicted with any certainty if you transfer to a DC arrangement. This is why individuals must obtain independent financial advice from an authorised adviser before they can transfer benefits from a DB scheme to a DC scheme.

Any member considering a transfer should be aware of pension scams. Individuals are already being approached by unregulated providers with tempting offers. If you are thinking about a transfer, please check with the Scheme administrator before making a decision.