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You can request a transfer value of your DB Section benefits from the Administration Team. You may also be able to see an estimate of your current transfer value online via MyPension.
PLEASE NOTE: If you paid AVCs under the DB Section then these would need to be transferred as well, either to the same or another arrangement. You may transfer your AVCs to another arrangement without transferring the remainder of your benefits within the DB Section.
The Administration Team will calculate the current transfer value of your DB Section benefits.
This quotation will usually be guaranteed for three months from the date of calculation.
Included with the quotation will be the various forms you will need to complete if you wish to proceed with a transfer.
You seek the appropriate advice (normally from an independent financial adviser).
PLEASE NOTE: If the transfer value is greater than £30,000 you will need to provide evidence you have received this advice before any payment is made.
If you decide to proceed with the transfer, you will need to complete the forms included with the quotation.
You will also have to provide your original birth certificate and, if your name is now different from that shown on your birth certificate other supporting documentation (e.g. your marriage certificate).
The Administration Team will undertake a number of checks to ensure that the transfer can proceed. This will include confirming you have received the appropriate financial advice if the transfer value is greater than £30,000.
If the Administration Team identify the forms and documents you have provided are incomplete, or further information is required they will write to you.
If more information is required you will need to provide this before the transfer can proceed.
Once all the information has been received by the Administration Team, arrangements will be made to pay the transfer value directly to your nominated arrangement (receiving scheme).
Once the payment has been made the Administration Team will write to confirm this.
The receiving scheme normally confirms to you receipt of the transfer value.
HMRC will be informed that the transfer has been made.