Transferring benefits

If you are a Deferred member you may be able to transfer your benefits from the DB Section to another arrangement, provided that the receiving arrangement is a registered pension scheme or a Qualifying Recognised Overseas Pension Scheme (QROPS) if you are transferring overseas. You must be a Deferred member to have the option to transfer, this option is not available to you whilst you are still continuing to build up Pensionable Service (an Active member) or once you have started to receive your pension (a Pensioner member).

Pension scams — don’t become their next victim!

Pension scams are still on the rise, so it’s more important than ever to be aware of scammers trying to con you. XPS, who administer the DB Section, have put together a short video to help you spot the signs and protect yourself from a scam.

The Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) suggest following four simple steps:

Step 1 — Reject unexpected offers

If you are contacted out of the blue about a pension opportunity, chances are it is a scam. Pension cold calling is illegal, and you should be very wary. An offer of a free pension review, from a firm you have not dealt with before, is possibly a scam.

Step 2 — Do not be rushed or pressured

Take your time to make all the checks you need — even if this means turning down what seems to be an ‘amazing deal’.

Step 3 — Get impartial information or advice

You should seek financial advice before changing your pension arrangements.

Step 4 — Check who you are dealing with

Search ‘ScamSmart’ on the internet and you’ll find the page on the FCA website to help you avoid investment and pension scams. This interactive page will take you step by step through how to check an investment or pension opportunity.

You can also call the FCA Consumer Helpline on 0800 111 6768 for more help and support.

If you believe you may have been contacted about a scam you should call Action Fraud on 0300 123 2040. If you don’t use an FCA authorised firm, you won’t be covered by the Financial Ombudsman Service, or the Financial Services Compensation Scheme, if things go wrong.

To help combat pension scams the DB Section Administrator is required to undertake a number of checks before any payment is made, this may include asking you to provide evidence you have received the appropriate advice, from an individual or organisation authorised by the FCA to provide advice on pension transfers, before any payment can be made.

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