YOUR OPTION TO TRANSFER

As a deferred member, you have the option to transfer your benefits to another pension arrangement, subject to the rules of that arrangement and any legislative requirements. This can be a registered stakeholder or personal pension plan or your new employer’s pension scheme.

If you want to transfer your SNPP pension to another arrangement, we strongly recommend that you first speak to an independent financial adviser (and you may be required to do so if, for example, you wish to transfer more than £30,000). You can find further information on the following links:

• The Personal Finance Society has established the Pension Transfer Gold Standard. This is a set of professional standards for financial advisers and those who have signed up to the Gold Standard will have the Pension Transfer Gold Standard shield beside their name. There is a consumer guide available to help you understand what good advice looks like on their website: https://www.thepfs.org/media/10121247/pension-transfer-gold-standard-logo-consumer-guide-a5-size-web-p1.pdf. This may help you when choosing an adviser.

• The Financial Conduct Authority website has information on how to find a financial adviser and important points to consider when obtaining financial advice: https://www.fca.org.uk/consumers/pension-transfer/advice-what-expect.

• The MoneyHelper website provides free and impartial information on choosing a financial adviser and links to details of financial advisers in your area. The website can be accessed at: https://www.moneyhelper.org.uk/en/getting-help-and-advice/financial-advisers/choosing-a-financial-adviser

Under current legislation, any proposed transfer has to meet a certain set of conditions in order for the transfer to proceed. Full information in relation to the conditions will be provided to you upon receipt of a formal request for a transfer value.

Please be aware that there are scammers out there who will try and con you out of your pension savings. Before you make a decision to transfer your pension out of the Plan, make sure you are transferring the money to a bona-fide arrangement. Visit www.pension-scams.com to find out how to spot a pensions scam.

You should also know that His Majesty’s Revenue & Customs (HMRC) views any payment of lump sums from a pension (other than on ill health or death) before age 55 as ‘unauthorised’ and will impose a tax charge of 55%.

If you decide you do want to transfer your pension to another pension arrangement, please contact the Plan administrator, Capita, and they will advise you of the steps to follow.