Transferring my deferred pension
What is a transfer?
A transfer payment is a payment made from the TRW Pension Plan to another registered pension arrangement and represents the cash equivalent of your deferred pension. If you transfer your TRW benefits any Additional Voluntary Contributions (AVCs) will also be transferred to your new pension arrangement. You may however transfer out your AVC benefits without transferring your main Plan benefits.
Once a transfer payment has been made, the arrangement that has received it will be responsible for providing you with benefits instead of the TRW Pension Plan.
How long is the transfer option open to me?
The Trustee will currently permit transfer values to be paid up until age 65 provided you have not already retired.
Should I receive financial advice?
In order to transfer you must receive independent financial advice. If you are considering transferring at the time of your retirement the Trustee has appointed a firm of independent financial advisors to help you make your decision. If this is the case you should contact the Plan administrator and request a retirement quotation. This will include details of the appointed financial advisor.