Instead of receiving a pension from the {{schemeOrFund}} you may be able to take a 'transfer value' that allows you to transfer the value of your benefits to another pension arrangement - perhaps to a new employer's pension scheme, a personal pension scheme or a suitable insurance policy. This video provides more information on transferring your pension to an alternative arrangement.

One possible reason to transfer may be to access the flexibility available to Defined Contribution benefits introduced by the Government from 6 April 2015 (see our Pension Flexibility leaflet)(see our Pension Flexibility leaflet at {{currentUrl}}/documents/pension-flexibility-2021.pdf).

The {{schemeOrFund}} pension illustrated in this benefit summary is a Defined Benefit pension (see below) and the current estimated transfer value shown gives you an indication of the amount that may be available to transfer from the {{schemeOrFund}} to another pension arrangement in return for giving up your (and any dependants' potential) benefits from the {{schemeOrFund}}.

If you are considering taking a transfer from the {{schemeOrFund}}:

You should read the guidance signposted throughout the member website to help you better understand the value of your {{schemeOrFund}} pension, along with the risks associated with transferring it to another pension arrangement. In particular, The Pensions Regulator and Financial Conduct Authority recommend you read their guidanceguidance (https://www.fca.org.uk/consumers/pension-transfer-defined-benefit) to help you understand the differences between Defined Benefit and Defined Contribution pension schemes. Further information can also be found on MoneyHelper's website.website (https://www.moneyhelper.org.uk/en/pensions-and-retirement/pensions-basics/defined-benefit-or-final-salary-pensions-schemes-explained).
Make sure you fully understand the {{schemeOrFund}} pension benefits and options you would be giving up, including your yearly pension, possible future increases, and potential dependants' benefits - more information on these benefits can be found hereat {{currentUrl}}.
If your transfer value is higher than £30,000, you will normally be required to seek appropriate independent advice from an adviser who is authorised by the Financial Conduct Authority, before the transfer can be paid - please see the 'Speak to an adviser?' section for more details.
Please be alert to pension scams - see the Pension Scams section in Pensions NewsPension News (https://{{currentUrl}}/pension-news) for further information. In all cases, The Pensions Regulator has said that you should exercise extreme caution and read the letter it has prepared jointly with the Financial Conduct Authority and The Money and Pensions Service found hereat https://www.thepensionsregulator.gov.uk/-/media/thepensionsregulator/files/import/pdf/cetv-member-letter.ashx.
This video provides more information on how to spot a pension scam.

Your current illustrated transfer value is £{{results.transferValue | numFormat}}. {{results.transferValueAdditionalText}}. This includes your estimated AVC fund value of £{{results.avcAmount | numFormat}}.

If you would like a transfer illustration, please see the 'request a illustration' section for further details on how to request this, together with details of the restrictions that apply when requesting more than one illustration within a 12 month period.

The financial assumptions used to calculate transfer values are updated regularly to reflect movements in financial market conditions, and this can result in transfer values being higher or lower over time. The current estimated transfer value shown is just an illustration and is therefore subject to change - it is not guaranteed in any way.

Members who are within one year of, or after, their Normal Retirement Age do not automatically have a right to take a transfer out of the Scheme. The Trustee of the Scheme would consider any requests to transfer from such members on a case by case basis.

Welcome to the Low & Bonar Group Retirement Benefit Scheme