Transferring your benefits
You can transfer your deferred Scheme benefits to another registered pension arrangement elsewhere, such as a personal pension (including a SIPP), another workplace pension, or an overseas pension.
Transferring your benefits out of the Scheme is an important financial decision. Before transferring, you would need to:
- fully understand the implications of transferring out — what this would mean for you and whether it would be right for you.
- take financial advice if your transfer value is more than £30,000 — this is a legal requirement.
You would need to ensure that any adviser you use is regulated and authorised by the FCA, and qualified to provide advice on this kind of pension transfer.
Scammers will often try to lure pension members into transferring their pensions – often with the promise of guaranteed or excessively high returns, early access, or no tax to pay.
More on scam awarenessStep 1: Find out your transfer value
Your transfer value illustration is on My Retirement Planner, accessed via oneView; or contact Aptia for an illustration.
Step 2: Get financial advice
If you want to take free advice from the Trustee-appointed independent financial adviser (IFA) firm, WPS Advisory, you can arrange this via My Retirement Planner. The IFA will contact you to discuss your options and do a ‘fact find’. This will include information about your income, spending, savings, debts, and retirement goals. They will provide a personal recommendation report for you.
If you then wish to proceed with the transfer, the IFA will manage the process and request a guaranteed transfer value from Aptia.
After the IFA tells Aptia what you’ve decided to do, Aptia then sends out the forms to complete the process. It’s important to complete the paperwork fully to avoid delaying the process.
If you prefer to choose your own IFA, please contact Aptia to find out more about the process and get the relevant forms.
