Transfers out
If you become a Deferred member you have the option to transfer your Personal Account out of the Scheme. The transfer must be made to another registered pension scheme. You should seek independent financial advice prior to making any financial decisions. If you do not have a financial adviser, details of those near to you can be found at register.fca.org.uk.
Overseas transfers
If you are entitled to transfer your Personal Account, it may be possible to transfer your Personal Account to an overseas pension arrangement if the receiving arrangement is a Qualifying Recognised Overseas Pension Scheme (QROPS). This means that it satisfies certain criteria.
A list of overseas pensions arrangements which may be treated as QROPS (sometimes called a recognised overseas pension scheme (ROPS)) and which have consented to having their details published is available at www.hmrc.gov.uk/pensionschemes/qrops-list.htm. However, please note that inclusion of an overseas pension arrangement on this list does not guarantee that it is a QROPS.
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.