Current member (paying into the scheme)
If you are a current member, you may be able to transfer your AVCs to another pension arrangement.
Deferred member (no longer paying into the scheme)
If you are a deferred member, you may be able to transfer your AVCs, or your AVCs with your main benefits, to another pension arrangement.
Pensioner member (in receipt of a pension)
If you are a pensioner member, you may be able to transfer your AVCs if you delayed payment of them beyond your retirement and you stop paying them 12 months before your normal pension age
Conditions
The Occupational and Personal Pension Scheme (Conditions for Transfers) Regulations 2021 came into force on 30 November 2021. It gives schemes further rules on how we can protect our members against pension scams.
These regulations require that certain conditions must be met before a transfer can proceed. Find out the conditions to meet to transfer out your pension
Regulations and guidance
Regulations are in force to encourage you to consider getting pensions guidance or independent financial advice to help you if you wish to transfer your AVC’s. Pension Wise is a free, impartial service offered by the Government to provide guidance to help you understand your AVC options. Find out more about Pension Wise on the MoneyHelper website
If you are thinking of transferring your AVC’s, you are not required to take guidance from Pensionwise if:
- you are under age 50 at the date you transfer, or
- receiving flexible benefits is not the purpose, or one of the purposes, of the transfer. For example, if you are transferring to consolidate your pensions, or
- you are transferring to an occupational scheme and
- you have already been referred to Pension Wise by your new scheme in relation to the application, and
- you have received or chosen not to take guidance, or
- you are transferring to a personal or stakeholder pension scheme which is regulated by the Financial Conduct Authority (FCA).
You must let us know if you come under one of the exemptions.