Transferring benefits out of the Scheme

January 2015

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

In order to protect the interests of all members, the Scheme actuary will review the scale of reduction 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 Scheme actuary.