You may be able to transfer your pension benefits to another pension scheme.
From 30 November 2021, a change in law means that new conditions must be met before members have a statutory right to transfer. We may need to request additional information from you to establish whether these conditions are met, and you may be required to take guidance from MoneyHelper. Please be aware that this may cause some delays to the transfer process.
The Pensions Schemes Act 1993 state that a member is entitled to a Cash Equivalent Transfer Value (CETV) for the purposes of transferring benefits, provided that the Scheme member elects to transfer at least 12 months before their normal pension age (NPA).
You can only request one CETV per pension account in a 12-month period which is guaranteed for three months or until 12 months before your Normal Pension Age if sooner.
There are serious risks in transferring your pension benefits so please read the information on pension scams and watch the videos before deciding on a transfer.
The Pensions Regulator Transfer Pledge
The Royal County of Berkshire Pension Fund has pledged to do what it can to protect scheme members and follow the principles of the Pension Scams Industry Group (PSIG) Code of Good Practice in so far as it applies to the LGPS.
Our Pledge
We commit to:
- Regularly warn members about pension scams
- Encourage members asking for cash drawdown to get impartial guidance from MoneyHelper
- Get to know the warning signs of a scam by key staff completing the scams module in the Trustee Toolkit
- Key staff keep up to date with industry changes by studying and using resources on the Financial Conduct Authority (FCA) ScamSmart website, TPR scams information and PSID code
- Take appropriate due diligence measures by carrying out checks on pension transfers and documenting pension transfer procedures
- Clearly warning members if they insist on high -risk transfers being paid
- Report concerns to the relevant authorities and communicate and encourage members to report suspected scams
