- 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 www.moneyadviceservice.org.uk and looking in the ‘Pensions and Retirement’ section.
- 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.