Transferring benefits


Fraudsters may try to take advantage of the widespread anxiety caused by the recent coronavirus outbreak to target pension savers with scams – please be extra vigilant!

For information on what warning signs to look out for, how to protect your pension, what to consider if you are a member of Defined Contribution Section, and much more, click here.

Although you can transfer-out your preserved benefits, it is strongly recommended that you seek independent financial advice first.

You can start by requesting a ​transfer value, which will tell you how much your preserved Fund benefits are worth.

The cash value is guaranteed for three months and you ​can ask for a new ​transfer value once every 12 months.

You can then decide to transfer your benefits to another pension scheme, or keep them in the Fund where they will increase in line with inflation.

Transferring to a different scheme

If you have chang​ed jobs, your new employer's pension scheme ​may be willing to accept a transfer of your Fund benefits.

If this is the case, you can ask your new ​employer to contact Railpen for a transfer value of your preserved benefits. You can then decide whether you want to ask for a transfer-out - but you should seek independent financial advice before making such an important decision.

Email or telephone 0800 012 1117 for further information.