- Are the pension benefits frozen if I leave before retirement?
No – the deferred benefits are index-linked to consumer prices between the date you leave and reaching pension age.
- If I leave MRC with a deferred pension can I transfer it elsewhere?
Yes – you have a legal right to transfer your deferred benefits to the scheme of a new employer or to an equivalent personal arrangement. It is recommended that financial advice is taken before making such a decision.
There is a legal requirement to take independent financial advice if the transfer value is over £30,000.
The rules of the Scheme do not permit a transfer if it is within one year of normal pension age.
- Could I transfer my pension abroad?
Yes, although strict rules apply and agreements with the UK can and do change from time to time.