Pension scams are still on the rise, particularly when members are transferring money out of one pension scheme into another.

The Trustee follows certain steps to protect your best interests and ensure that you’ve taken and received the appropriate financial advice.

1. Get independent financial advice: you should meet with an independent financial adviser (IFA) who specialises in pension transfers.
2. Ask for a transfer value: once you’ve received advice from an IFA, you should request a transfer value and the necessary forms from the Scheme Administrator.
3. Consider the implications: you must carefully consider the implications of transferring your funds. This includes understanding any potential loss of benefits, such as any guarantees, the Scheme provides you with a guaranteed pension on retirement, and assessing the risks associated with the new scheme or investment.
4. Complete transfer forms: these forms typically require personal information, details of the receiving scheme, and confirmation that you’ve received appropriate financial advice.
5. Wait for confirmation and release of funds: once you’ve completed the paperwork, the Scheme Administrator will review it and verify that your request meets its requirements. This process may take some time, depending on the complexity of the transfer.