Transferring your pension

As an alternative to leaving your deferred pension within the Compass Group Pension Plan, you have the right to transfer the value of your benefits to one of the following at anytime between date of leaving and your Normal Retirement Age.

  • a suitable Insurance Policy in your own name,
  • a Personal Pension Arrangement, or
  • the pension scheme of your new employer.

Full details of the transfer value available to you will be provided on request.  Contact us if you would like more information.  Transfer values are market related and open to fluctuation.  The Trustees reserve the right to charge an administration fee if you request more than one current transfer value quotation in any twelve month period.

Trying to compare one pension policy quotation with another and then the best quotation with your options under the Compass Group Pension Plan is not easy.  You should not assume that you would be better off by transferring.  The best thing to do is get proper independent advice.  Some of the key points to remember in making the comparisons are as follows:

  • Your deferred pension is known under the Compass Group Pension Plan.  It is not subject to investment returns and generally keeps in pace with inflation (within certain limits).
  • With an individual pension policy or in a defined contribution scheme there are normally no guarantees about the amount of cash available at retirement to purchase a pension.  Your benefits will therefore depend on investment performance, and past results should not be taken as any firm indication for the future - the actual results may be better or worse.  Look at your quotations and decide whether or not the projections are realistic.  Think also about how much the quoted amounts will be at today's values after allowing for inflation between now and retirement.
  • The assets building up your pension  plan benefits are in a separate legal trust and are outside the reach of Compass Group and any of its subsidiaries or creditors.