Leaving the Scheme
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What happens if I transfer my benefits to another pension arrangement? Pension flexibilityWhat happens if I transfer my benefits to another pension arrangement?
You may transfer out of the Scheme into an alternative pension scheme.
Please contact the Pensions Team for a transfer value (sometimes called a cash equivalent transfer value, or CETV). They can also advise on release and transfer timings.
Before making any transfers we strongly recommend seeking guidance from an independent financial adviser to assess the risk involved, and to ensure you're making the right choice for your current and future life plans. You're required to take financial advice if you're transferring DB pension benefits worth over £30,000.
For help finding an adviser, take a look at our Helpful links page.
Pension flexibility
Transferring out could allow you to access your benefits in a more flexible way and you can choose to transfer out of either the Cash Balance or Final Salary element independently of each other or together.
Please note that if you want to transfer the Cash Balance element on its own, the value will be actuarially reduced (for the fact it's being paid early), and must be transferred out before you can draw your Final Salary benefits.