The transfer process

• Request for a transfer value received
   
• Acknowledgement pack issued
  • If the name of the receiving scheme has not been declared in the transfer request, we will ask for this information within the acknowledgement pack. We need to know the name of the scheme before we calculate a transfer value.
     
• Transfer value calculated and a transfer pack is issued to the member
  • A transfer value is guaranteed for three months from the relevant date of calculation, an election to transfer must be made within the guarantee period.
  • The pack will include a Pension Scam leaflet and a leaflet from The Pension Regulator, it is important that both leaflets are read by the member.
  • If the member has a financial advisor and there is a completed Fund letter of authority, we will also send a copy of the transfer value to the financial advisor.
     
• The member completes and returns the election forms
  • If the member doesn’t want to proceed, the process ends here.
  • If the member wants to proceed, they will return their election forms, new scheme details form along with two forms of ID.
  • If the transfer value is over £30,000 and the member is transferring to a defined contribution scheme, they will also have to complete and return the advice confirmation form.
     
• If the member is over 55, our retirements team will provide the member with a retirement quote.
  • This is done so that the member is aware of the benefits they would receive from the Fund if they didn’t transfer out.
     
• We review the election forms and undertake necessary due diligence to ensure transfer is not at risk of a scam.
  • This is to check for any red flags and to check that any advice has come from a qualified financial advisor registered with the Financial Conduct Authority (FCA).
      
• We contact the member by telephone.
  • During the call, we go through a questionnaire to ensure the member is happy to proceed with the transfer.
     
• Discharge forms are sent to the receiving scheme. 
   
• When the completed discharge forms are returned, the Transfer Panel within the Fund complete a final review of the transfer.
   
• Providing there are no anomalies or concerns identified by the Transfer Panel, payment is made to new scheme and confirmation letters are issued.
   
• The transfer is now complete.

Please note some steps will not be necessary if you are transferring to a ‘safe scheme’ such as another Public Service Pension Scheme.