Transferring your Pension
You have the option to transfer the cash equivalent value (CETV) of your benefits to another registered pension arrangement.
We would recommend that you seek independent financial advice before making any decision regarding the payment or transfer of your benefits. In fact, in certain circumstances, we are required by law to check that you have taken appropriate independent advice before the transfer takes place, for example if you are transferring to a DC arrangement.
If you have any questions about making a transfer or you would like to request a transfer quotation, please contact BBS.
We appreciate that depending on individual circumstances, some members may be looking at their pension as a way of accessing some cash. However, the threat of pension scams continues to be a real one. The Pensions Regulator has issued a number of warnings about these, which claim to be able to provide loans or release instant tax-free cash from pensions before you are able to take your benefits by law (currently age 55). They are also likely to target those who are looking at a transfer closer to retirement as a way of taking advantage of the new pension flexibilities from April 2015.
We urge our Plan members not to be taken in by website promotions, cold calls or adverts encouraging you to transfer your existing occupational or private pension to a new arrangement in order to access a cash payment or loan. This offer may not be in your best interests and we recommend that you think carefully about any transfer-out from the Plan, taking the necessary financial advice.
The Pensions Regulator has a range of support materials available for members on its website (http://www.thepensionsregulator.gov.uk/individuals/dangers-of-pension-scams.aspx) which it has recently updated in light of the continuing risk posed by pension scams schemes. If you are concerned about this, or have been approached with this type of offer, you should contact the Pensions Advisory Service on 0300 123 1047. Or, if you are approaching retirement and would like to understand your options, you can use the new Pension Wise service (www.pensionwise.gov.uk).