Deferred Members

Deferred members who may wish to surrender their accrued pension (i.e. the present value of the deferred pension built up through being a member of the Pension Scheme and any attaching spouse and dependent pensions and any associated indexation) for a single lump sum payment can request a Cash Equivalent Transfer Value (CETV) from the Board’s Pension Team. A CETV can only be transferred to another registered pension plan in the UK and some overseas pension arrangements approved by HMRC.

A CETV is guaranteed for 3 months (12 months for divorce purposes) and if the transfer is to proceed a written request must be received by the Pension Team within the guaranteed period.

Deferred members considering this course of action should take their own personal advice from an independent financial adviser. The Board’s Pension Team cannot and will not give any advice.

If you would like a CETV to be paid into a new employer’s pension plan, you should firstly check that they will accept incoming transfer values.

These can be requested from the Board’s Pension Team quoting:

• Your full name
• Your current address
• The date of early retirement (if early retirement requested)
• Your e-mail address
• The reason for any cash equivalent transfer value request (i.e. transfer or divorce)
• Details of the relevant registered pension scheme or financial adviser, giving your written authority for us to disclose information to them.

A short phone call to the Pension Team is all that is required initially. When you family is ready to deal with the administration side of things, the Pension Team will require the following:

• Sight of the original death certificate (which will be returned).
• Copies of the birth and marriage certificates of any spouse or financial dependent.
• Copies of any children’s birth certificates if under 23 years old and still in full time education.
• Addresses of the person sending the information and addresses of spouse, financial dependents and children if different from the deceased’s address on the death certificate.

On receipt of the above information the Pension Team will advise whether further benefits, such as pension or cash sum payments, are due.