I've left
If you’ve changed employer but kept your pension savings in Pace, this page will help you understand your options.
If you built up a pension in Pace DB, your pension was calculated as at your date of leaving. Since then, your pension has received increases each April, which will continue until the date it’s paid, to help protect it against inflation (up to a maximum of 5% a year). The Pace DB pension guide explains how your pension would be paid and what other benefits you’re entitled to.
It’s important to let us know if you change your address, otherwise, there might be a delay in paying your pension when you’re ready to take it. You can change your address by contacting the Co-op Pensions Department.
Transferring my benefits
You’ve got a right to transfer your pension to another registered pension scheme, subject to the Pace Rules. There are some additional points to consider if you want to transfer your pension overseas. You should also be aware that there are people who will try to trick you out of your pension savings, so read this information about pension scams.
If you’re interested in transferring your benefits, you should ask the Co-op Pensions Department for a transfer value.
There are some rules about these options, but you can find out more by reading the Pace DB pension guide.
Overseas transfers
There are some additional points to consider if you want to transfer your pension overseas. 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.