How do you work out a transfer value?

When you ask for a transfer value statement, we calculate how much your pension is worth if you took it all to another arrangement.

The calculation makes assumptions about future events to work out how much cash the Scheme would need to have set aside today to pay your pension in the future. This includes

- how much your pension might increase in line with the Scheme Rules

- your life expectancy, based on research not individual circumstances

- what investment returns the Scheme might achieve in future on the cash set aside today

In addition, to provide a value as at the date of your request an adjustment is applied to reflect current investment market conditions. This is updated on a monthly basis. 

As the Trustee will review the assumptions it uses and investment market conditions change from month to month, you will find that your transfer value will go up or down over time.