Answer:
If you want to transfer your pension rights out of the Scheme, we’ll need a formal request from you and your new pension provider. An application form is available here.
Please be aware that since 6 April 2015 we’re unable to transfer your benefits to a Defined Contribution scheme, we can only make transfers to Defined Benefit schemes.
Defined Benefit schemes promise to give you a certain amount each year when you retire. How much you get doesn’t depend on investments. Defined Contribution schemes are where money is invested by a pension provider and your pension depends on how much has been paid in, how long you’ve been paying in and how well the investment has done.
When we receive a request from your new provider, a guaranteed statement of entitlement will be issued, normally within three months. Once the signed acceptance for the transfer value is received from your new provider, we’ll issue the payment.
Please be aware that if you’re a pension credit member, you can't transfer out of the Teachers’ Pension Scheme.