Transfers in
If you are currently paying in to CARE and you have pension benefits elsewhere, as long as that scheme is registered with HMRC, you could transfer these into CARE.
Transfers in will be treated as defined contribution (money purchase) benefits, which means the transfer value will be invested in the same way as CARE AVCs.
To investigate a possible transfer in to CARE please complete the CARE Transfer In Form.
The transfer will not happen automatically. You will be sent a Transfer Quotation with the relevant forms for you to complete. The transfer will not proceed until you have signed the relevant transfer forms.
You’re legally required to get independent financial advice if you’re transferring more than £30,000 worth of defined benefits into CARE.
Transfers out
If you are no longer paying in to CARE and haven’t yet drawn your CARE pension benefits, you may be able to transfer your CARE pension benefits, including any CARE AVCs, to any HMRC registered scheme, such as your new employers pension scheme or a personal pension plan.
The amount transferred will be the cash equivalent value of your CARE pension benefits, including the value of any CARE AVCs.
You will need to contact your new employers scheme administrator or personal pension provider to investigate if a transfer of your CARE pension benefits is possible.