Transfer out overview
Telling us details of a block transfer in or out - how the process works
If you are the scheme transferring out
The first point to note is that this process has to be initiated by you. It cannot be started by the scheme receiving the transfer in.
On adding a new transfer out you'll be asked to provide details of the counterparty receiving the transfer which will either be an insurance company or another scheme.
If the transfer out is to an insurance company you'll need to provide their name, the total amount of the assets transferred and the first and last dates (which may be the same) on which the liabilities connected with the transfer passed to the receiving arrangement
If the transfer out is to another scheme(s), you'll need to provide the Pension Scheme Registration Number of the scheme(s) receiving the transfer in. You'll be asked to provide the scheme name the total amount of the assets transferred and the first and last dates (which may be the same) on which the liabilities connected with the transfer passed to the receiving arrangement. You'll be able to amend or remove this transfer out if required.
Any Exchange user currently associated with the scheme that's receiving the transfer in will receive email notification from the Regulator that they have been selected as the recipient of the transfer in. If there are no current users associated with the scheme then the trustees will receive a letter requesting that they register online.
The information you have provided as the transferring out scheme will remain pending until the transferring in scheme has confirmed their details. If the transferring in scheme amends the transfer information you've provided then you'll be notified of this and asked to accept the amendments. You will also be notified if the transferring in scheme rejects the transfer. It will then be up to you to decide the next action which might be to update the information originally entered or remove the whole transfer.
When all transfer details have been accepted by both parties and the valuation details prepared by the receiving arrangement are complete you will then be able to submit the transfer information and complete the certification page.
You will be able to view the details of this transfer at any time.
If you are the scheme receiving the transfer in
As this process has to be initiated by the transferring out scheme you should have received notification that you have been selected as the recipient of the transfer in.
You are required to confirm that the details of the transfer provided by the other scheme(s) are correct. If they're not correct then you have the opportunity to reject or amend this information. If you amend any part of the information then notification will be sent to the transferring out scheme who will be required to confirm. Once this has been confirmed by the other scheme then the transfer will be accepted.
Before you can submit final confirmation and complete the declaration you'll need to provide valuation details of the scheme at a date after the transfer was completed. This valuation is consistent with the s179 valuation except you do not need new scheme accounts.
When all transfer details have been accepted by both parties and the valuation details are complete you will then be able to submit the transfer information and complete the certification page.
You will be able to view the details of this transfer at any time.