Xerox Final Salary Pension Scheme - deferred member logo

Transferring your pension

You retain the option to transfer the value of your deferred pension in the Xerox Final Salary Pension Scheme to a new employer's scheme or to your own pension policy at any time up to the age of 64 or, if you became a deferred member after age 64, until six months after you became a deferred member, whichever is the later (the transfer option may be available after age 64 at the Trustees' discretion).

What will my transfer value be?
The transfer value is an estimate by the Scheme's actuary of how much cash the Scheme would need to invest now in order to produce a sum of money sufficient to provide the benefits payable to you by the Scheme on retirement at Normal Benefit Age. Changes in investment market conditions will, therefore, cause transfer value quotations to fluctuate from time to time. The transfer value does not include an allowance for discretionary benefit.

Requesting a transfer quotation
You may request a transfer quotation, free of charge, from the Scheme administrator once in any 12-month period and any such quotation will normally remain valid for three months.

If you request a further transfer quotation within 12 months of the previous one, a charge may be made.

Once your transfer value has been worked out, your new employer's scheme or your chosen financial institution, as appropriate, will be able to tell you what benefits this can secure for you in your new pension arrangement.

If you decide to go ahead and transfer the value of your pension to a DC pension arrangement (and your pension is valued at more than £30,000) the Trustee needs a set confirmation about the independent financial advice you have received. So, if you go down this route, please make sure your adviser is aware of these requirements.

Contact the Scheme administrator for a transfer quotation.