You can choose to transfer the cash value of your deferred pension to another pension arrangement at any time. The Scheme Actuary sets how the cash equivalent transfer value of your deferred pension is calculated. This is the estimated value of your benefits taking into account the guaranteed increases before you retire and after the pension starts. You can obtain an illustrative transfer value by logging into Mercer's online member portal, www.benpal.com (If you require log in details, you can request these by contacting the Mercer helpline numbers). For some members, due to complexities in the way your benefits are calculated, you will be unable to view illustrative figures on Benpal. If this is the case, you should contact the pension scheme administrator, Mercer, to request a transfer value quotation.
Please be aware that your illustrative transfer value can fluctuate from month to month – the typical reasons for this occurring are set out here.
You can ask for a written quotation of the guaranteed transfer value by contacting the pension scheme administrator. The pension scheme administrator will only provide one written transfer value quotation in any 12-month period free of charge.
For more information about transferring out please refer to the Transfer Value Policy Statement.
Transferring pension benefits from one arrangement to another is complicated and it is important that you take independent financial advice before deciding to make any pension transfer to ensure that it is in your best interests. If your benefits are valued at more than £30,000, you will need to take independent financial advice before you can transfer them.