Pension Schemes – No Transfer option, why transfer pension, pension freedom and occupational pensions

Unfunded Defined Benefit Pension Schemes – No Transfer options

 

Unfunded Defined Benefit Pension Schemes – No Transfer options allowed


Government legislation now in force means that members of Unfunded Defined Benefit (Final Salary, Career Average, etc) pension schemes will not be able to transfer their benefits. The therefore cannot take advantage of the Pension Freedom legislation.

Examples of Unfunded Public Sector pension schemes are: The Armed Forces, Civil Service, NHS, Fire-fighters, Police and Teachers. They all fall under the bracket of  "pay as you go" schemes.


Many industry experts do not feel that this fair but until the Government legislation there are no further options.