Transferring Your Benefits

If you have left, or opted out of, the Scheme, then you have the option of transferring the benefits you have built up to another pension scheme that is able to accept it.

You can contact Mercer for a quote, which will include all the information and forms you need to process a transfer. Please note that if you are within 12 months of your normal pension age, transfers out are not permitted under Scheme rules.

Important note

If your transfer value (excluding AVCs) is £30,000 or more, and is being transferred to an arrangement that offers flexible retirement options such as flexible drawdown, you will need to provide evidence that you have taken independent financial advice.

Overseas transfer

It may be possible to transfer the benefits you have built up in the Scheme to an overseas pension arrangement, providing it is a Qualifying Registered Overseas Pension Scheme or QROPS. HMRC have a list of registered schemes that you can check.

HMRC may apply a charge of up to 25% of the transfer value if the transfer does not meet any of the following criteria:

  • You are resident in the same country as the QROPS receiving the transfer is established
  • You are a resident in a country within the European Economic Area (EEA) and the QROPS is established in a country within the EEA
  • the QROPS is set up by an international organisation for the purpose of providing benefits for or in respect of past service as an employee of the organisation and you are an employee of that international organisation.
  • the QROPS is an overseas public service pension scheme and you are an employee of an employer that participates in the scheme
  • the QROPS is an occupational pension scheme and you are an employee of a sponsoring employee under the scheme.