Pension Discharge Forms?

RTNI

Hi everyone,

Firstly apologies for the length of the post........

I recently left BT in June 2009 and was paying into the pension scheme which was managed by accenture (BT Retirement Plan) until it moved to Standard Life (BT Retirement Saving Scheme) in April 2009.

Currently I have ~ £4000 in the BTRP (the 'old' pot) and ~ £1500 in the BTRSS (the 'new' pot) and I am looking to combine these together and pay into it until I finish my PhD and then transfer it off to my then new employer as I don't want to loose BT's contributions to my pot.

Accenture contacted me shortly after I left and asked what I would like to do with my BTRP funds - to which I replied saying I want to transfer it to the 'new' provider (Standard Life). They wrote back and said that "as you have not specified the type of scheme the transfer is to be made to, we have enclosed discharge papers for the 3 different types available."

I called Standard life and they said that they need the discharge form, but I have not got a clue which one to send them! Can anyone help me out with what one(s) I need to send back?

The forms I have as as follows:

1) A statement of transfer value showing the BTRP vaule and stating that it's a occupational money purchase scheme (CIMP)
2) A discharge form
3) A BACS form (I assume this is for Standard life to fill in their details for the movement of monies?)
4) Personal Pension/Stakeholder declaration certificate to the trustee
5)Section 32 Declaration for use when purchasing a buy-out policy
6) Occupational scheme transfer questionnaire
7) BTRP Information - for the new pension provider's administrators and for IFA.

Many thanks!

dunstonh

I called Standard life and they said that they need the discharge form

Number 2 on your list is the discharge fom. However, they will also need certificates and scheme details and may require an IFA to sign off on the transfer as it involves a defined beenefit scheme. So number 3,4 and 7 are needed as well. Often its worth including number 1 as well.

number 5 is if you were transferring to a section32 buy out bond but you wont be. number 6 is if you were transferring to another occupational scheme.

RTNI

Thanks dunstonh,

I decided to try and tackle this myself as it seemed (relatively) straightforward!! lol.

I will take a copy of the forms and send them off to Standard life to get the ball rolling. Once this is done, is there much more to the transfer or will that be it? Just wondering if I should look into getting an IFA to do this for me if it's going to get more complicated......

dunstonh

Once this is done, is there much more to the transfer or will that be it?

That will be it.

Just wondering if I should look into getting an IFA to do this for me if it's going to get more complicated......

You may not get a choice. Most pension providers will not accept a defined benefit scheme transfer without getting an IFA to sign off on it first. You may want to check with Standard Life before you fill the forms in to see if they will accept it.

MikeJones_2

Hi dunstonh,

RTNI wrote: »

...I recently left BT in June 2009 and was paying into the pension scheme which was managed by accenture (BT Retirement Plan) until it moved to Standard Life (BT Retirement Saving Scheme) in April 2009.

Currently I have ~ £4000 in the BTRP (the 'old' pot) and ~ £1500 in the BTRSS (the 'new' pot) and I am looking to combine these together

The forms I have as as follows:

1) A statement of transfer value showing the BTRP vaule and stating that it's a occupational money purchase scheme (CIMP)

If it's a CIMPS, it's not defined benefit. It may however, still require an IFA sign it off (see page 5):

Pension transfers - who can do what and when? (FSA)

Mike

I work in the field of Pension Education and Pension Guidance in the UK. I am a member of the Specialist Pensions Forum as well as being a Voluntary Adviser for The Pensions Advisory Service. I work with scheme members, employers, trustees, scheme administrators and advisers on most things to do with employer sponsored pension schemes. The views expressed by me in this thread are my personal opinions. You should seek professional advice from an appropriately experienced and qualified adviser. I am not an IFA.