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Can I transfer out?

Transferring your benefits to another pension scheme

It may be possible to transfer your preserved benefits into another pension arrangement. This can be done providing your new scheme will accept a transfer value. If you wish to investigate this, you should contact your new pension provider for details. You may wish to do this as soon as possible as most schemes have a time limit on accepting transfers.

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The government introduced new pension options in April 2015. This applies to:

  • individuals age 55 or over who wish to transfer their benefits out of a defined benefit scheme and,
  • into a money purchase type scheme.

These schemes allow greater flexibilities for drawing a pension and cash lump sum. Further information can be found on the Pension Flexibilities - Freedom and Choice page.

Please be aware that members of the Cornwall Pension Fund (CPF) are entitled to one Cash Equivalent Transfer Value quotation (CETV) every 365 days.  A second CETV can be produced within this period for a fee of £175.00 plus VAT.

If you have recently started a new post (within the last 12 months) and wish to look at combining previous benefits which are preserved within the CPF, please view combining previous CPF benefits for more details.

Any application to transfer out must be made no later than one year before your normal pension age.

 

Our Jargon Buster may help with pensions terminology.