Transfers
If you wish, you can transfer your benefits to another pension arrangement at any time before your pension starts.
If you are interested in this option, you should ask the Co-op Pensions Department for a transfer value. You are entitled to one transfer value in a 12-month period free of charge. Any further requests may incur a charge.
If you wish to transfer your benefits in Pace DB into a defined contribution (DC) scheme, and your Pace DB transfer value is more than £30,000, you will need to take independent financial advice and provide written confirmation from your adviser before the transfer can go ahead. To find an adviser in your area, go to moneyhelper.org.uk and search for ‘retirement adviser’.
The transfer value is worked out by the scheme actuary (a qualified, independent professional) using a method and assumptions set by the Trustee. The transfer value is guaranteed for three months from the date it is calculated. After that, it will be recalculated and could increase or decrease, depending on market conditions.
Overseas transfers
If you leave the UK, you can usually choose to move the money you’ve saved over to a scheme in another country, or leave it where it is until you retire. The money is always yours and you won’t lose it if you leave the UK.
If you want to transfer your pension savings overseas, the receiving arrangement needs to be a Recognised Overseas Pension Scheme (ROPS). A list of schemes that have told HM Revenue and Customs (HMRC) they meet the conditions to be a ROPS can be found on the GOV website.
HMRC can’t guarantee these are ROPS or that any transfers to them will be free of UK tax. It’s your responsibility to find out if you have to pay tax on any transfer of pension savings.