If you are considering transferring your benefits you will be provided with a guaranteed cash equivalent. This is a quotation of the transfer value payable and also gives instructions on how to exercise this option.

The transfer value is the Trustees' best estimate, having taken advice from the Scheme Actuary, of the expected cost to the Scheme of providing you with your deferred benefits. The value of the future benefit payments, taking into account increases both before and after the benefit becomes payable, are discounted at an assumed rate of interest. The calculations also take into account the probability of each benefit payment being made.

The transfer value calculation takes account of the Scheme’s history of discretionary pension increases. 

The basis used to calculate transfer values is consistent with that that set out in legislation and the associated guidance.

You can request a transfer value through your new pension provider, or through a financial advisor.  In order for us to provide a transfer value to another scheme or a financial advisor we will require a written request with an accompanying authority, signed by you, stating that you are happy for us to release the relevant information.

You can request a CETV at any time, however the Scheme is not obliged to provide another statement within 12 months of the date of your last request.

If you wish to proceed with the transfer, then the original CETV figure is guaranteed subject to the written request being received by the Trustees within three months of the date of calculation.  If the written request if received after the three month period, the CETV will need to be recalculated.

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