Yes. You can transfer your Scheme pension savings out to another pension provider as long as:
- you’re a deferred member, no longer paying contributions to the Scheme, and
- the Scheme Trustee agrees you can transfer out.
We don’t charge you to transfer your benefits out, although it’s possible the pension provider you’re transferring to will make a charge. You should check this before starting your transfer.
As with any transfer there’s a lot to think about to make sure it’s right for you. It’s worth getting help from a regulated financial adviser. Look at Help with finding independent financial advice for more about finding financial advice.
Watch out for pension scams
If you’re thinking of transferring out you’ll need to look out for pension scams, which are on the increase. Every day criminals use sophisticated ways to con pension savers out of their money. Scammers will often start by offering a ‘pension review’ or a ‘one-off investment opportunity’. Eventually, this ‘offer’ will depend on you transferring your pension savings out, supposedly to another legitimate pension scheme but in reality, straight into the scammers’ pockets. You could lose all your pension savings and possibly find yourself with a huge tax bill.
Things to watch out for
- Any contact about your pension that comes out of the blue, even if the caller claims to be from your bank or a government department.
- Any claims you can get at your pension savings before age 55 without paying large amounts of tax. You can’t.
- Website promotions, telephone calls, text messages or adverts encouraging you to transfer your pension savings to get cash or a loan.
- Offers of ‘one-off’, ‘unique’ or ‘time-limited’ investment opportunities – especially if they involve transferring money abroad.
Avoiding and reporting scams
- Don’t sign anything or transfer money without speaking to the Pensions Advisory Service on 0800 011 3797.
- If you think you’ve already fallen victim to a scam, call Action Fraud on 0300 123 2040.
- Check who you’re dealing with before changing your pension arrangements. Check the Financial Conduct Authority’s ScamSmart campaign on their website or call 0800 111 6768 to see if the firm or person you’re dealing with is authorised by the FCA.
- You can find more information about pension scams at thepensionsregulator.gov.uk/pension-scams.