RMSPS - CETV Query

Lummoxley

I have a small DB deferred pension with Royal Mail's Statutory Pension Scheme, just under £1k per year at the last statement. Out of interest I wondered what the CETV would be so I requested a form to check.

The letter with the form states that "under the Pensions Scheme Act 2015 an unfunded scheme is not permitted to make a transfer to any scheme that can provide Flexible Benefits".

In practical terms what does this mean? I'm presuming it means it can't be transferred to a SIPP or Personal Pension, if so where could it be transferred to?

Thanks in advance for any clarity on this.

molerat

You may be able to transfer to another defined benefit pension scheme.

xylophone

https://forums.moneysavingexpert.com/discussion/5677949/no-freedom-for-my-pension

See post 2 above concerning RMSPS

According to annual balance sheet and accounts:


This is an unfunded, closed, defined benefit scheme with no active members. The Scheme acts as a run off vehicle for historic liabilities, paying pension benefits earned prior to April 2012.

It seems that RMPP benefits can be transferred out to a DC Scheme.

https://www.royalmailpensionplan.co.uk/section-c/leaving-rmpp

Lummoxley

Thanks Xylophone & molerat. In that case I can't see a reason for getting the CETV then.