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Transferring in or out

Things to think about before moving your pension and what to do if you decide to go ahead.

Transferring your pension

There is a lot to think about before transferring in or out of the Fund.

Read more about your options below to help you make an informed decision. And download the forms you need if you decide to go ahead.

Transferring in benefits from an arrangement outside of the BTP Fund

If you're paying into the Fund, you may be able to transfer benefits in from other pension schemes who are registered with HMRC.

If you joined BTP from a Home Office force, you can apply for a transfer of past benefits under a bilateral transfer agreement. There is currently no bilateral transfer agreement in place for members of the CARE arrangement, so it is currently not possible for transfers of Home Office force benefits to be processed or for transfer of benefits quotations to be provided by Railpen. 

However the CARE scheme does accept transfers in on a CETV basis (Cash Equivalent Transfer Basis). You can request a transfer-in quotation by completing a Transfer-in form which you can find further down on this page.

Make sure you understand what transferring out of your current scheme means for you. Your current provider should be able to give you all of the information you need.

You can also read more about transfers and the rules for your Section in your 'Member Guide'. This is available in 'My Library' when you log in to your myFund account.

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    Transferring your Fund pension out to another arrangement

    You may be considering transferring your Fund benefits in order to:

    • consolidate your pension savings in one place. This could be to a new employer’s scheme or to an alternative pension provider. You can normally do this at any time before you start taking your pension, as long as it's in line with your section of the Fund rules. 
    • take your benefits in a different way to that offered by the Fund, such as to buy an annuity or to move to a drawdown arrangement
    Things to consider before transferring out of the Fund

    You can transfer your benefits out of the BTP Fund to another scheme or provider if you wish. However, it must be to an arrangement which is registered with HMRC.  

    You should think this through carefully before making a decision and consider that a transfer may not be in your best interests. You may want – or need – to get advice first. Find out more on the guidance and advice page.

    If have Additional Voluntary Contributions (AVCs), you may have to transfer them at the same time as your pension. This will depend on the rules for your specific section of the Fund. For more information, check:

     

     

    Get a transfer out quote

    If you want to transfer, it is likely you will need a guaranteed transfer out quote, also known as a cash-equivalent transfer value (CETV).

    We strongly recommend you get a transfer out estimate first. This will show you the forecasted value of your pension if you choose to transfer it elsewhere. You can get as many estimates as you need, completely free, by logging into your myFund account and selecting 'request an estimate' under my pension.

    If you've already had an estimate, and are ready to progress to a CETV, then the quickest and easiest way to request one for most members is online. Simply log in to your myFund account and select 'request a transfer out quote (CETV)' from the my pension menu. If you're an AVC Extra member, you'll need to switch to your main DB record first.


    The process for transferring out of the Fund

    If you decide to go ahead with a transfer, you will need to contact the Fund administrator, Railpen. Visit the get in touch page for Railpen's contact details.

    Railpen will ask you to provide documents or evidence about the scheme you want to transfer to. This is in line with regulations introduced by the government in November 2021, to help protect members where risks of possible scams are identified.

    Railpen may also refer you to the government-approved advice service MoneyHelper for guidance on your transfer. Your transfer request will not be refused on the basis that it might not be in your best interests. However, Trustees can refuse transfers where there's a greater risk it may be part of a scam.

    Once complete, a transfer is permanent and cannot normally be reversed at a later date, so please think carefully before going ahead.

     For more details on the transfer out process, read the guide to transfer options.

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    You can only get 1 CETV free in a 12 month period, so think carefully before requesting one. If you are making AVCs you will need to stop them before we can provide a CETV.

    Think carefully before transferring your pension

    Transferring your pension can carry significant risks.

    You should carefully compare the benefits of your current pension with any alternatives before making any decisions.

    You may also want to consider taking financial advice. In some cases, you may have to get financial advice by law before a transfer can go ahead. Check the guidance and advice page for more information. 

    If you are thinking of transferring your pension, you may be at increased risk of scams. Check the scams page for things to look out for and steps you can take to protect your pension savings.

    If you’re aged 50 or over and have a DC pension pot such as BRASS or AVC Extra, you can book a Pension Wise appointment for guidance on your options.

    Video: Understanding: pension transfers

    The short video also explains why it may not be right for you to transfer your DB pension in order to access your savings.