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.
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.
If you are under age 54 or your transfer value is below £30,000, you’ll need to contact Barnett Waddingham to request a transfer value illustration. This will help you understand your options and consider whether taking financial advice may be appropriate.
You can find an FCA regulated independent financial adviser through services such as unbiased.co.uk.
Getting Financial Advice
When thinking about your retirement options, you may find it helpful to speak with an independent financial adviser (IFA). An adviser can help you understand the choices available to you and how they relate to your personal circumstances. If you choose to seek advice, you are free to appoint any adviser of your choice, and you will be responsible for the cost of this advice.
You can search for an authorised financial adviser at unbiased.co.uk.