Transferring your Benefits out of the HP Plan
As a deferred member, you are able to transfer your benefits out of the Plan to another qualifying arrangement. You, or a third party with your written authority, may request a transfer-out quotation from the Administration Team at any time.
You can immediately obtain a cash equivalent transfer value (CETV) from the secure My pension area. Alternatively the Administration Team can send you a CETV statement and all the appropriate documentation required to process payment. The transfer value will include AVCs if appropriate, and be guaranteed for 3 months.
Should you wish to proceed with the transfer, you must complete the discharge forms and return with any other documentation requested. If your completed paperwork is not received within 3 months, a payment of £250 + VAT will be required to recalculate the transfer.
Once the Administration Team have received full documentation within the appropriate time span or payment for a recalculation, they will pay your transfer value to your chosen arrangement and confirm to you that the process has been completed. You will no longer have any benefits remaining in the Plan.
The Trustee, the Administration Team, nor the Company are able to offer you financial advice. It is recommended that you contact an Independent Financial Advisor if you do need advice.
You can immediately obtain a cash equivalent transfer value (CETV) from the secure My pension area.
If the value of your CETV is more than £30,000 you are required by law to take independent financial advice. However, the Trustee recommends that all members taking a CETV should consider taking independent financial advice.
The factors used to calculate CETVs are updated on a quarterly basis. For more information click here.