You receive an indicative Cash Equivalent Transfer Value (CETV) in your annual benefit statement, or you can request one from the BOC Pensions Team.
The CETV represents the value of the benefits that you would give up in the Scheme if you decided to transfer out.
Because the CETV is, among other things, linked to conditions in the investment markets, it can go up or down monthly. The only time you get a guaranteed CETV is once you leave the Scheme and become a deferred member.
At that point, the CETV is guaranteed for three months, but will change on the day after the expiry of the guarantee period.
Consider taking independent financial advice. Remember, you must take financial advice if your transfer value is more than £30,000— visit Unbiased to find approved advisers.
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If you were a member of the Gist Limited Pension Scheme (GLPS), the GLPS merged with the BOC Pension Scheme (BOCPS) on 1 October 2020. This means you will have two BOCPS deferred member CETVs and will need to complete two forms if you’re considering transferring the value of both of your BOCPS benefits.