You have the option to transfer the value of your benefits to another HMRC registered scheme. You will need to:
- take financial advice if your transfer value is more than £30,000;
- understand the implications of transferring out – transferring your benefits out of the Scheme is an important financial decision.
If you decide that transferring your benefits out of the Scheme is right for you, you can transfer them to:
- another registered pension arrangement (provided the trustees of the new arrangement are willing and able to accept the transfer); or
- a personal pension plan, including stakeholder pensions; or
- a special insurance arrangement, usually known as a 'buyout' policy; or
- a regulated income drawdown arrangement.
If you are considering transferring out, read the relevant section of Your Guide to the BOC Pension Scheme booklet. If you then want a more detailed understanding of what this means for you, contact the BOC Pensions Team.