Transfer your benefits

There are alternative options to taking your pension from the Scheme, and you can choose to transfer your benefits to another HMRC-registered pension arrangement where you might have more flexible options.

You can transfer your benefits to:

another occupational pension scheme
a personal pension, e.g. a self-invested personal pension (SIPP) or other individual pension arrangement
a recognised overseas scheme (ROPS).

Transferring to an alternative pension provider is a significant financial decision which is irreversible. While a transfer may be suitable for some members, it’s not always in everyone’s best financial interests. In most cases. the law requires you to take advice.

You have a legal right to apply for a transfer value at any time up to one year before your pension is due to start. If you’re within one year of your normal pension start date, or if you’re over normal Scheme retirement age, you’ll need Trustee approval.

Find out more

If you’re thinking about transferring out and want a more detailed understanding of what this means for you, you should log in to Clarity from BW and go to My Retirement Planner under Your Services.

My Retirement Planner is a secure online tool that explains more about transferring out and other retirement options. It’s designed to help you understand and compare these options but not to tell you what to do. It also links to additional support and guidance including access to dedicated and independent financial advice.

For more information, please see the My Retirement Planner guide.

If you’re within a year of your earliest retirement age, usually 54, My Retirement Planner will provide your Scheme retirement figures and an illustrative transfer value. This represents the equivalent cash value of your deferred Scheme benefits.

Please note: if you’re under age 54, or your transfer value is below £30,000, you’ll need to contact Barnett Waddingham to get a transfer value illustration to help you explore your options. You can use the Trustee’s appointed independent financial adviser, however you’ll need to meet the costs of this advice yourself. Alternatively, you can find your own financial adviser at unbiased.co.uk.

Get financial advice

The Trustee has appointed a specialist firm of independent financial advisers (IFA) to help you make sense of your options. They can provide bespoke advice based on your retirement figures and specific circumstances. The Trustee will pay for you to receive advice once, when you’re within a year of your earliest Scheme retirement age (usually age 54). You can use your own IFA if you wish, but you'll have to pay for this yourself.