Transfers

Transfers

Individual transfers—Defined Benefit (DB) occupational pension schemes

Members of DB occupational pension schemes have a statutory right to transfer the cash equivalent value of their scheme benefits to another pension arrangement. The cash equivalent (ie the transfer value) is guaranteed for a period of three months. The statutory right overrides any conflicting provisions in a scheme's trust deed and rules, although schemes can provide more generous terms for members who wish to transfer their benefits out of the scheme.

The statutory right applies when:

•
a member's pensionable service ends at least one year before normal pension age (or at any time before normal pension age in the case of a member whose normal pension age is earlier than 60), and
•
the member has accrued rights to benefits under the scheme

Since 30 November 2021, one of two conditions prescribed by the Occupational and Personal Pension Schemes (Conditions for Transfers) Regulations 2021, SI 2021/1237 must be met before a transfer to another pension scheme can go ahead (see below).

Since 6 April 2015, members can exercise the statutory right to transfer, (ie apply to take their

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