Pilkington Superannuation Scheme

is a Transfer Value?

A transfer value is the cash value at a point in time of the pension a former member has built up in a scheme.

…happens if I decide to transfer out?

A payment of the transfer value is made from the former member's scheme to the new pension arrangement he nominates (if it is willing to accept the transfer), and his rights under the scheme cancelled.

…can I transfer out?

Former members can transfer out of the Pilkington Superannuation Scheme at any time up to their 64th birthday, providing payment of pension has not started.

Some schemes will not allow transfers out if a member leaves with under two years' membership, simply refunding his contributions.

…do I obtain a Transfer Value?

Members of schemes have the right to ask for a current transfer value once in every
twelve months.

If you are considering transferring out, then you can ask for a statement of
"guaranteed cash equivalent". This is a transfer value which, barring special
circumstances, is guaranteed to hold good for three months.

…is a Transfer Value calculated?

A scheme's actuary determines the method of calculating the cash equivalent transfer
value following guidelines set down under legislation.