Transferring Your DB Deferred Pension

A step by step guide to transferring your DB pension

How do I transfer my pension to another scheme?

You can only transfer your pension savings to another HMRC registered pension arrangement. It is not possible for a transfer value to be paid directly to you.


If you wish to transfer your pension savings to your new employer’s pension scheme you will be required to provide proof of your employment including copies of recent payslips.


It is recommended that you seek independent financial advice before deciding whether to transfer your pension savings to another pension arrangement. If your transfer value is greater than £30,000 you are required to take independent financial advice before a transfer value can be paid. You should use an adviser regulated by the Financial Conduct Authority and the FCA’s website can help you find an adviser local to you.  Please click on the link below.



You should also be aware than pension scammers operate in the pension transfer market and you can find helpful guidance on things to look out for here: Pension Scams


The government’s Money Helper service provides free guidance on transferring your pension savings and it is recommended that you book a session with the Money Helper team. If you will be investing in global investment funds then we would need to refer you to Money Helper for a guidance session before paying your transfer value. You should keep a copy of the email you receive after a Money Helper session as evidence that you have attended a session and provide a copy of this to the Imperial Pension Fund Office. For more information and to book a guidance session with the Money Helper service please click here:

The process of transferring your pension

A step by step overview. 

  • 1
    Get in touch

    Request a transfer value quotation from the Imperial Pension Fund Office

  • 2
    The PFO will reply

    The PFO will acknowledge your request and provide you with information about pension scams, selecting an independent financial adviser and the Government's Money Helper service. Click the link to the PFS page on the Pension Gold Standard and read their consumer guide. 

  • 3
    CETV quotation & discharge form

    The PFO will send you your transfer value quotation with a discharge form for you to complete if you wish to proceed - this should normally be sent in 10 working days from receipt of your request.

  • 4
    Choose an IFA

    Select an IFA if you don’t already have one. Check they are regulated by the FCA and authorised to provide advice on DB pension transfers (they must be authorised to provide advice under article 53E of the FCA’s regulated activities).

  • 5
    Financial advice

    Receive financial advice on all your options –you should typically allow 6-8 weeks.

  • 6
    Return your discharge form

    If you wish to proceed return the discharge form fully completed to the scheme. You can only transfer your DB pension to another pension arrangement that is registered with HM Revenue & Customs.

  • 7
    Money Helper

    You may be referred by the Pension Fund Office to the Government’s Money Helper service for a guidance session.

  • 8
    PFO will process your transfer

    Following this, provided your proposed transfer satisfies all due diligence and compliance checks you  should allow 10 working days for the transfer to be processed.

  • 9
    Transfer payment

    Your transfer value will be paid direct to your chosen pension arrangement. The PFO will write to you to confirm payment.

  • 10
    Confirmation from receiving scheme

    The receiving arrangement will write to you to confirm the transfer has been received. This is typically 5-10 working days after the monies have been received

Please note that the Trustee of the Fund may refuse to pay your transfer value to your selected pension arrangement if, for example, it believes you have been the victim of a pensions scam, received advice from an unauthorised individual or your chosen scheme invests in unregulated investments, or has high fees.

The Trustee's power to stop or pause a pension transfer

The government has introduced new regulations which give trustees and scheme managers power to prevent or pause a statutory transfer request if they see any evidence which may indicate an increased risk of a scam. 


While schemes already have to carry out due diligence checks aimed at protecting members' benefits before processing a transfer, the new regulations have introduced the concept of red and amber flags. 


The presence of a red flag - which may for example, arise from a member receiving an unregulated or unsolicited call from somebody purporting to be an adviser - means that the Fund could not pay a transfer value and you would lose your statutory right to a transfer.


An amber flag may arise if the transfer value is being invested in high-risk investments or in overseas investments or if the charges associated with the new scheme are considered high. 


In this case members will be required to contact the government's MoneyHelper service for guidance on identifying common risks involved in transfers and highlighting the dangers of pension scams,  and give the member time to consider whether to proceed with their transfer. 

Money Helper
The Money Helper website contains useful links and guidance on your pension benefits and pension related matters.
Take financial advice from a professional

Taking advice, while important in being able to assess all your options, can be daunting and often expensive. In recognition of this, a Guide to Good Practice for financial advisers has been created by the Personal Finance Society , which can be found through clicking the link. 


If your transfer value is greater than £30,000, you are required by law to seek financial advice from an adviser regulated by the Financial Conduct Authority (FCA) and one authorised to provide advice in relation to to DB pension transfers under article 53E of the FCA's regulated activities, although it is recommended that you obtain financial advice regardless of the size of your transfer value. A list of authorised independent financial advisers can be found by clicking this link: FCA. or by contacting the Citizens Advice Bureau.