Transferring Out

As a deferred member of the Kingfisher Pension Scheme, you have the option of transferring out your benefits to a registered pension arrangement.

You can transfer your benefits to:

  • your new employer’s pension arrangement;
  • to an insurance company/provider; or
  • to another pension provider of your choice.

If you have preserved benefits in the Final Salary section (KPS-FS) then please contact Kingfisher Pensions Team and we will be happy to provide you with a Cash Equivalent Transfer Value.

If you have preserved benefits in the Money Purchase section (KPS-MP) and they are not linked to your KPS-FS benefits, please contact Legal & General and they will be happy to provide you with a Cash Equivalent Transfer Value.

If you are able to look into transferring all of your benefits from the KPS or to some extent part of your benefits. This rule is only applicable to KPS-FS members. If you only have benefits in the KPS-MP then you must transfer all of your benefits at the same time.

If you are a KPS-FS member with a linked AVC and/or KPS-MP fund you are permitted to transfer out only your AVCs and/or KPS-MP fund and leave your KPS-FS benefits with us. You are not able to leave your AVCs and/or KPS-MP fund with us and transfer your KPS-FS benefits only.

Generally the Trustee will allow you to transfer to most registered pension scheme, however the Trustee will require certain pieces of information before proceeding with the transfer. If the receiving scheme cannot provide this information the Trustee may not allow the transfer to proceed.

From 6 April 2015, if you wish to transfer “safeguarded benefits” (like your KPS-FS benefits) out of the Scheme and into a pension arrangement which will offer you some or all of the new “flexible options” and your transfer value is above £30,000, then you will need to take Independent Financial Advice before the Trustee is allowed to let the transfer proceed.

This is a further requirement introduced by the Government in addition to all the other checks the Trustee must make before you can transfer. So, if you are thinking about transferring out of the KPS-FS please make note of this, as it will be a requirement

An increasing number of companies are targeting members of pension schemes claiming that they can help members take their pension early.  These companies may contact members in a number of ways including via email, social media and text messaging. Many of these companies do not fully inform or mislead members as to the consequences of entering into one of these schemes.

We therefore recommend you visit our Pension Scams section before proceeding with any transfer.

You may also find it useful to speak to an independent financial adviser. There are plenty of organisations out there that can provide general help and advice on pensions, retirement and financial matters.

Also something you should know is that neither the Company nor the Trustee can give you personal financial advice. Without knowing all your personal details and without the specialist expertise required it is difficult to give advice specific to your circumstances.

For ease we have created a section to help you find more information or locate an independent financial adviser. This can be found in our Knowledge Centre under ‘Guidance & Advice’  however you can click here to take you there directly.