Transferring out

You may be able to transfer the benefits you’ve built up into another pension arrangement. For instance, you could transfer them into a new employer’s pension plan, a personal pension or stakeholder pension plan, or a ‘buy-out’ policy from an insurance company.

It’s not possible to transfer your benefits into another Royal Mail pension arrangement.

You can ask for a statement showing the value of your benefits, this is called your ‘Cash Equivalent Transfer Value (CETV) statement’. The statement shows the ‘cash equivalent’ value of your deferred benefits calculated on a set basis (which we decide on the advice of the Actuary). Your CETV (excluding any AVC funds) will be guaranteed for a period, usually three months. 

If you wish to transfer your guaranteed CETV, you’ll need to make sure all the associated paperwork reaches the​ Pensions Service Centre by the guarantee date shown in the statement. When you first contact the​ Pensions Service Centre about transferring your benefits, they’ll explain to you what you have to do. Once the​ Pensions Service Centre has received all the paperwork from you and your new provider, they’ll usually make the transfer within two weeks. The whole process may take about three months from start to finish.

The Pensions Service Centre can only send you one CETV statement in any 12-month period free of charge. If you want more than one in any 12-month period, you’ll be asked to pay a charge.

Please contact Capita in relation to RMSPS benefits.

  • You can get free impartial advice and guidance from the Government pension website www.moneyhelper.org.uk.
  • If you’re thinking of transferring your pension benefits to another pension arrangement, we recommend you take independent financial advice from a firm or individual authorised to give advice on transferring a pension.
  • If the ‘transfer value’ of your pension is greater than £30,000, and you’re thinking about transferring to a defined contribution scheme, the Government now requires us to check that you’ve taken financial advice from such a firm or individual. Unless you are only transferring your AVC funds, your adviser must have permission to give advice on the transfer of ‘safeguarded benefits’ as described in s.53E of The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001. We will require your adviser to confirm this before we can make a transfer.
  • You can find a financial adviser by going to Unbiased.co.uk. 
  • Remember that neither the Pensions Service Centre nor your employer are allowed to give you financial advice, so we can’t tell you what you should do, only explain the choices you have.

Please get in touch with the Pensions Service Centre if you want to know more.

Don’t let a scammer enjoy your retirement

Scammers are targeting pension pots of all sizes – make sure you know how to spot the signs.

Pension scammers are targeting people like you with the average victim losing £91,000 each. Scams are hard to spot and are often disguised with credible websites, testimonials and materials which make them look like the real thing.

To help you spot the signs and protect yourself from a scam, the Financial Conduct Authority (FCA) and Pensions Regulator suggest following four simple steps.

Step 1 – Reject unexpected offers
If you’re contacted out of the blue about a pension opportunity, chances are it’s a scam. Pension cold calling is illegal, and you should be very wary. An offer of a free pension review from a firm you’ve not dealt with before is probably a scam.

Step 2 – Check who you’re dealing with
Search ScamSmart and check the FCA’s register to make sure anyone offering you advice is authorised. If they are, check they’re permitted to give pension advice by calling the FCA Consumer Helpline on 0800 111 6768. If you don’t use an FCA-authorised firm, you risk not having access to compensation schemes.

Step 3 – Don’t be rushed or pressured
Take your time to make all the checks you need – even if this means turning down what seems to be an ‘amazing deal’.

Step 4 – Get impartial information or advice
You should seriously consider seeking financial advice before changing your pension arrangements. In some cases, for example where you are wanting to transfer more than £30,000 from a ‘Defined Benefit’ scheme, you must obtain this advice. The RMPP is a Defined Benefit scheme.

Consider using The Pensions Advisory Service which provides free independent and impartial information and guidance.  

If you suspect a scam, report it.

You can report an unauthorised firm or scam to the FCA using the online reporting form or on 0800 111 6768. If you suspect a scam, report it to Action Fraud on 0300 123 2040 or at www.actionfraud.police.uk.

Be ScamSmart with your pension. To find out more, visit www.fca.org.uk/scamsmart.

 

More information

There are lots of organisations out there providing resources to help you stay scam-proof. If you really want to make sure your defences are rock-solid, why not look at their websites?

  • The Pensions Regulator has produced some real-life case studies that show the devastating impact of pension scams. 
  • Fans of TV soap Eastenders might recall a recent storyline involving one of the characters who fell victim to such a scam. You can watch the storyline here.
  • The National Cyber Security Centre is the UK’s independent authority on cyber security and can help you learn more about threats like email phishing attacks and malicious software.
  • The Financial Conduct Authority maintains the ScamSmart website, which contains information about how to spot a scam and what to do if you’re suspicious.
  • Action Fraud is the police website for reporting scams. This will make sure the situation is properly investigated and action taken to prevent other people from becoming victims.

If you don’t know which section you’re in, contact the Helpline (contact details are at the bottom of the page); or If you recieve an Annual Benefit Illustration the section is noted on the front page.