I want to transfer my benefits

You may be able to transfer the benefits you’ve built up to another defined benefit workplace pension arrangement. You can transfer benefits with a Normal Retiring Age (NRA) of 60 (benefits accrued before 1 April 2010) separately to those with an NRA of 65 (benefits accrued after 31 March 2010), however, there are certain restrictions relating to when members can transfer their benefits, outlined below:

• Transferring NRA 60 benefits only – must be transferred before your 59th birthday
• Transferring NRA 65 benefits only – must be transferred before your 64th birthday
• Transferring both NRA 60 and NRA 65 benefits – must be transferred before your 64th birthday, provided the NRA 60 benefits are not yet in payment

Please also note that you will need to contact us at least 18 months before your NRA to request a transfer. The RMSPS scheme is an unfunded government pension scheme so there are limitations as to where your benefits can be transferred. This includes any money purchase (defined contribution or DC) schemes, i.e., a scheme where your pension is invested in your own fund and not based on your salary or pensionable service.

You can also transfer out any Additional Voluntary Contributions (AVCs) held in a separate fund without transferring your other benefits. For a quote relating to AVCs only, please contact the Pension Service Centre on 0345 603 0043.

If you have benefits worth more than £30,000 that you built up after 1 April 2012 that you want to transfer to a money purchase scheme, then you will need to provide evidence that you have taken financial advice before a transfer can take place. You can find out more on the government’s MoneyHelper website.

We recommend that when seeking financial advice, the restrictions above are disclosed to your Financial Adviser.