Can I transfer just part of my benefits out of the Fund?

Yes. You can choose to transfer part and leave part of your benefits in the Fund to balance flexibility and security – subject to certain minimum requirements. Read more on pages 14 and 15 of your member guide.

Explore the effect transferring part of your benefits has on your guaranteed regular income left to be paid by the Fund on the partial transfer slider bar. Get a transfer quote first (if you haven’t already) on Your pension record. Go to Quote History > Explore partial transfers from your selected quote.

Active members

The timeline below assumes that you have opted out of the Fund and have become a deferred member. If this is correct then you’ll receive a guaranteed transfer value quote. Until then, any transfer value quotes are not guaranteed.

This timeline:

  • Gives you an idea of what happens when if you are considering taking a partial transfer out of the Fund
  • Shows what documents and information you will need to provide to WTW, by when and in what format
  • Confirms the deadline for returning completed forms (which includes information from you, your adviser and/or the receiving arrangement) i.e. 3/6 weeks before the end of your guarantee period. Otherwise we cannot guarantee that we will be able to process your request before your transfer quotation expires. After this, your transfer value is no longer guaranteed which means it could go down in the future.

Step 1

Actions you need to take

1. Get a partial transfer value quotation

Log on to Your pension record and go to Quotes > Get a quote.

You’ll need to get a full transfer quote first (if you haven’t already). Then go to Quote History > and click on Explore partial transfers.

Reminder: use the slider bar to see the effect transferring part of your benefits has on your guaranteed regular income left to be paid by the Fund. And download a PDF quotation of your preferred partial transfer amount.

Or, contact us if you need help and the team will help you navigate through the self-service portal to get you what you need.

What WTW will do

Send you your transfer pack

If you have contacted us.

Step 2

Actions you need to take

2. Complete forms

To proceed you’ll need to download and print the full Guide to Transferring from the Useful documents library. (you may receive this by post if you don’t have PC access)

Then, complete and return the following forms by post to WTW with any financial guidance forms too.

  • Financial advice form
  • Transfer request form, ensuring you complete the % you would like to transfer
  • Identity information form
  • Receiving Scheme form
  • You’ll also need to send us a copy of the photo page of your passport.

You either received these forms in the post or will need to download your full transfer pack if you got your quote online.

Please make sure that the completed paperwork is posted back to us (by you, your IFA and/or the receiving scheme) at least 3 weeks before the guarantee deadline

Or

6 weeks before if you have APeCs and/or AVCs and are transferring these.

What WTW will do

Process your request

Once WTW receive the completed forms 3/6 weeks before the guarantee deadline, they will process your request.

Contact you

If anything is missing.

And contact any APeCs/AVCs providers

To get the value of these benefits.

Important note: if your completed forms are not returned to us before the 3/6 week deadlines [above], WTW cannot guarantee that we will be able to process your request before your transfer quotation expires. After this, your transfer value is no longer guaranteed which means it could go down in the future.

How long will it take?

Around 15 working days from receipt of your completed forms.

OR

Between 4 and 6 weeks from receipt of your completed forms if you have APeCs and/or AVCs and/or are transferring these.

Checklist

WTW can process your partial transfer faster if you complete the checklist below:

  • Fully complete the forms,
  • Provide correct information,
  • Provide any up-to-date ID documentation, and/or
  • Use the Checklist at the front of your Transfer quote to ensure everything is complete and correct at the right time.

If the total current value of your benefits are worth more than £30,000 you must provide evidence that you have taken advice before you’ll be able to transfer. But we encourage all members to speak to a financial adviser to ensure you understand your choices and make the right decision based on your personal circumstances.

Explore your advice options – this includes competitive charges with LV= if you are 55 or over.

And encourage your financial adviser to explore the IFA section of this website.