A deferred member has the option to take a Cash Equivalent Transfer Value (CETV) of their deferred benefits to another registered Plan at any time.
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.
Subject to the consent of the Trustee you can request to transfer a portion of your Defined Benefit Cash Equivalent Transfer Value(CETV). This is known as a ‘partial transfer’.
To be eligible for a partial transfer certain conditions must apply.
You must have left pensionable service in the Plan.
Your CETV must be at least £30,000 and you must agree to transfer out your Guaranteed Minimum Pensions (GMP).
When you decide to take your remaining benefit, it must come into payment at the same time.
For more information on transferring your benefits out of the Plan please refer to the 'Transferring your Benefits out of the HP Plan' guide.