The Scheme is introducing a new option for members to consider when making their pension choices. You can already request a transfer of your Scheme benefits to another pension arrangement, e.g. to take advantage of pension flexibility. However, this option may not be attractive as it could mean giving up a valuable level of predictability in your retirement income.
Recognising that some members may want a mix of some pension payable for life from the 91热爆 Pension Scheme plus pension saving that can be accessed more flexibility, from 1 April 2023 you may be able to request a partial transfer of your pension. A partial transfer is a pension option that, subject to certain restrictions, allows you to transfer half of your retirement benefits to another pension arrangement, and then receive the rest as a pension income payable for life from the 91热爆 Pension Scheme.
To be eligible for a partial transfer you must be aged 55 or over and have a deferred Scheme pension with a transfer value of at least £60,000 (no more than half of which is in respect of any Guaranteed Minimum Pension (GMP)).
You will need to take advice from an independent financial adviser before transferring to a defined contribution pension arrangement. Please note that pension transfers typically take 3-6 months to complete and the remaining half of your pension that will be paid from the Scheme cannot start until the transfer is completed.
Further information about partial transfers and the process can be found here