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TPT Retirement Solutions
FAQs

Can I transfer my benefits?

CATEGORIES:

  • Members
  • DB Online
  • Retirement Savings Account
  • General

Once you have left your scheme, you may be able to transfer your benefits to another provider. To do this we will provide you with a Cash Equivalent Transfer value (CETV). This transfer value is the amount that would be paid to another pension scheme, and not to a personal bank account, and represents the calculated value of your benefits.

Defined Contribution members

The transfer value is the current fund value and is not guaranteed, because your fund value can go up or down depending on market conditions. You would not need a guaranteed transfer value in order to transfer your funds to another provider if you are only transferring Defined Contribution benefits. If you have signed into your Retirement Savings Account, you will be able to request a transfer quote of your benefits.

Defined Benefit members

The transfer value is based on a calculation of the value of your pension and factors provided by the scheme’s Actuary. A guaranteed CETV can be provided free of charge, however, if a second CETV is needed within a 12 month period, there would be an additional charge.

If you have signed into DB Online, you will be able to request a transfer quote of your benefits. If the transfer value is over £30,000, you’ll be required to get independent financial advice before you are able to make a transfer, but be aware that there may be a charge for the time and expertise required.

The Trustee will not be able to proceed with the transfer of any value of £30,000 or over unless this has been signed off by a regulated financial adviser with the required specialisms and expertise. Search for independent financial adviser in your area.

The choice of an Independent Financial Adviser is yours alone. TPT Retirement Solutions does not make recommendations about which Independent Financial Adviser you should use, and can accept no responsibility or liability for any advice which they may give.

We offer a service whereby your details can be given to the Mercer Retirement Relationship Managers who can help you. This service is not free and may not necessarily meet your needs, but if you would like details please let us know as soon as possible.