Transferring benefits

If the funding position of the Fund, as measured in accordance with the Statutory Funding Standard is below 100%, any transfer payments out of the Fund may be restricted.

In order to protect the interests of all members, the Fund actuary will review the scale of reduction, if any, on a regular basis to establish the transfer value that can be offered. Therefore the transfer value reduction will vary from time to time on the advice of the Fund actuary.