Transferring benefits

If you leave the Company, you can choose to transfer the value of your deferred pension to your new employer's pension scheme or to another suitable pension arrangement such as a personal pension plan or a stakeholder pension scheme.

You have the right, once a year, to ask for an estimate of your transfer payment from the Pensions Team. The transfer value provided will normally be guaranteed for three months.

The transfer value is calculated on a basis decided by the Trustees on the advice of the Scheme actuary and in accordance with legislation.

If you would like the current transfer value for your pension benefit to be calculated please contact the Pensions Team.

Transfer to your new employers pension scheme

You can transfer the value of your deferred pension to your new employer's pension scheme providing that they are willing and able to accept a transfer.

You should request a statement from your new employer’s pension scheme confirming what benefits the transfer payment would buy in their scheme.

However, no two pension schemes are the same. For this reason, comparing the benefits offered by your new employer’s pension scheme on receipt of a transfer payment with those payable from the Diageo scheme could be difficult.

Some specific points that you may wish to take account of are:

  • the age at which you can take an unreduced pension,

  • the benefits payable on death, and

  • the pension increase policy.

You may wish to seek advice from a suitably qualified Independent Financial Adviser (IFA) before making your final decision to transfer your pension to either your new employers pension scheme or a personal pension arrangement. You can find a local IFA by clicking this link or by contacting your local Citizen's Advice Bureau.

From 6 April 2015, members of salary related pension schemes such as the Diageo Pension Scheme (DPS) who want to transfer their benefits to another approved pension arrangement may first be required to receive appropriate independent advice from an authorised independent financial adviser. Further information can be found by clicking on the following link Do I need financial advice.pdf