What is the process to transfer my benefits?
If you want to transfer your benefits to a new scheme, there's a process to ensure our records are kept up to date and that we follow your instructions.
Part of the process is checking that you are moving your benefits to an appropriate scheme (please note that we can't pay a transfer value to you) and that all the correct documentation is completed accurately as you are transferring a valuable asset.
- The process can be summarised in the stages below, but please keep in mind this has been simplified and it could be more complex if your situation differs from a standard path.
- Request a quote of your benefits (Cash Equivalent Transfer value – CETV) from TPT Retirement Solutions.
- The CETV will be issued to you. It contains information about your benefits and needs to be given to your financial adviser or new scheme.
- They will provide you with information on what would happen to your benefits if they were transferred into a suitable and approved scheme.
- You must make a decision on whether you wish to make the transfer – if you decide to proceed with the transfer, you and your new provider will need to complete the relevant forms and return them to TPT Retirement Solutions.
- We will review the documentation (and confirm appropriate advice has been given if needed), request funds and update our records.
- Payment will then be made to your new provider and your record in your scheme will be closed. Your new provider should confirm the receipt of benefits and provide you with information on what they will do next.
Each stage of the process is necessary to ensure the security of your benefits and that you make an informed decision. The process can take some time (particularly if there is a disinvestment of Defined Contribution funds required. For example if you have been paying Additional Voluntary Contributions (AVCs) into our DC Scheme) and it is important that you understand your part in ensuring the accuracy of form completion and your responsibilities in securing advice if needed.
The pension at statement date shows the pension you have built up to this date using the information we hold at that point, and is based on the assumption that you commence taking your benefits at your Normal Retirement Date. It does not include the reduction which is made for the early payment of benefits that would be applied if you chose to retire. Benefits can be paid from aged 55 but you will need to look at your scheme rules to see what you will need to do to take them early. If there is medical evidence that you are unable to work again then your pension may be paid immediately no matter how old you are. If this is the case you may want to look at What to do if I am too ill to work?
Under some schemes, if you joined before 6 April 2006, you may have a Protected Pension Age. This means that in certain circumstances you may be able to take your benefits from aged 50 provided you have left the employment to which the membership relates to.
To request a quotation of benefits you can do this in your DB Online account or contact us and we can provide you with a quote.