Whatever your length of service, it is usually possible for a transfer payment to be made to a subsequent pension arrangement. The benefits which you have accumulated in the CPS are converted into a capital sum which forms the ‘cash equivalent’ transfer value, and is used to buy credit in your new scheme.
Alternatively, within certain limitations, you may ask for a payment to be made to secure benefits with an approved Insurance Company of your choice. (For further information see the leaflet “Transferring your Pension Benefits”)
Generally you will have up to 12 months before reaching retirement age to express an interest in transferring your benefits out of the United Kingdom Atomic Energy Authority pension scheme. You will need to establish with your new pension arrangement whether there are timing restrictions on their receiving a transfer value.
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