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3.13.3 Transfer to a New Employer's Scheme

  • The cash value of benefits accumulated to date may sometimes be transferred to the new employer's scheme. Note, however, that although a scheme must offer a transfer, there is no obligation on scheme trustees to accept one.

  • If the new employer's scheme is a Money Purchase scheme:-


    1. Benefits will increase with the value of the individual's fund.
    2. There will be no guarantees.
  • If the new employer's scheme is a Final Salary scheme:-

    1. There will be the opportunity to purchase added years or fixed amount of additional benefit, according to the rules.
    2. Additional years, if purchased, will provide benefits geared to the member's final remuneration from his new employer

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