Transferring out of the Plan
Instead of keeping your benefits preserved in the Plan, you may ask for a transfer value to be paid into another registered pension scheme, such as:
- a new employer's scheme
- a ‘buy-out' policy with an insurance company
- a personal pension or stakeholder pension plan.
Please note: it is not possible to transfer to another Royal Mail pension arrangement.
Provided that certain legal requirements are met, the amount of the transfer payment (other than in relation to AVC funds) will be calculated by the Trustee on the advice of the Actuary. You will normally receive a transfer value statement within 3 months of asking for one. This is known as your ‘Guaranteed Statement of Entitlement'. An estimate will be provided if the Statement cannot be provided within 3 months. You are not entitled to more than one Guaranteed Statement of Entitlement in any 12-month period.