Partial transfers
As an Active member, to give you more flexibility with your pension savings, the Trustee and Company will allow you to withdraw some or all of your Personal Account from the DC Section and transfer this to another registered pension scheme. This is being offered to support members of the DC Section who have a keener interest and understanding of the financial markets and wish to have other options at their disposal.
How does it work?
There are some conditions that must be met for a partial transfer.
- You must have at least £20,000 in your Personal Account, obtain Company consent and withdraw at least £10,000 or 10% of your Personal Account
- Transfers can only be made to another registered pension scheme
- The Trustee will not allow any unauthorised payments to be made from the Scheme; and
- You may make only one partial transfer in any 12-month period.
- You must be an Active member
Should you exercise your right to a partial transfer you will remain a member of the DC Section and your Service will be treated as continuous for State benefits and employment purposes.
You will not currently be charged for making a partial transfer and you will retain all the standard options on retirement.
This process is irreversible once the transfer payment has been made.
It is important that you consider all factors before deciding. You may wish to seek independent financial advice. If you do not have a financial adviser, details of those near to you can be found at register.fca.org.uk.
How do I make a partial transfer?
Partial transfers are conditional and must be made with Company consent. If you have decided, after taking the appropriate advice, to proceed you will need to ask for Company consent by contacting the DC Section Administrator.