You can transfer your pension to another pension arrangement at any time up to one year before your deferred benefits are due to come into payment.

Subject to the rules of the receiving scheme, a transfer payment can be made to another HMRC-registered pension scheme.

Information and advice

If you are interested in transferring your benefits, please contact Railpen for further details.

Please note we are not able to give you advice on whether or not to transfer your benefits elsewhere, and the Group Trustee strongly recommends that you seek independent financial advice.

If the transfer value of your defined benefits is worth more than £30,000, you will be required to take independent financial advice from an adviser qualified to give advice about pensions before the transfer can take place.

Deferred members who are interested in exploring this option may be eligible to access funded, independent financial advice. A Q&A containing more information can be found here

The Pensions Regulator has recently updated its guidance on pension transfers and scams. Click here for details (you will be directed to an external site).

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