Past employees

You may elect to transfer your benefits to a new arrangement at any age prior to retirement.

Core Funds are valued at the higher of:

• the value of the underlying Core Funds at the point of transfer or
• the Cash Equivalent Transfer Value (CETV) of the Pensions Underpin.

CETVs are determined using actuarial assumptions set by the Trustee. CETVs are guaranteed for three months from the date of calculation. You’re entitled to one free CETV quote per year.

Non-Core Funds will be based on the value of the funds built up at the point of transfer and are not guaranteed.

You’re able to transfer-out your Non-Core funds separately to your Core funds. Core Funds must be transferred in full, or not all. It’s not possible to transfer a proportion of your Core Funds, eg 50%. Non-Core Funds can be transferred in full, or in proportionate amounts. It's not possible to transfer "crystallised" funds (HMRC's terminology) unless it is to an annuity provider.