If you are considering transferring from a final salary pension scheme, you need to make a written request to the administrators of your pension for a ‘Statement of Entitlement’.
Then within three months, your pension administrators should provide you with a transfer value for your pension. This will be guaranteed for three months – the guarantee date will be shown on the document. If you are considering transfering from a defined contribution scheme the pension administrators will provide you with the current fund value. this can fluctuate.
Any potential pension transfer should be given serious consideration. The process is time consuming but that is generally a good thing. It leaves plenty of time to carefully consider the benefits and risks of a transfer and the potential impact on personal circumstances.
Always seek advice from a pension transfer specilaist.