Transfer your scheme member’s contracted-out pension rights
Find out the types of schemes Guaranteed Minimum Pension (GMP) and post 1997 COSR rights can be transferred to.
Official website: gov.uk00
Requirements
The policy or annuity contract must satisfy all of the following conditions. It must: be bought from or entered into with an insurance company which: meets specific statutory requirements assumes an obligation to pay the pension rights to the employee or widow or widower or surviving civil partner, or to the trustees of a trust for their benefit (where GMP rights are involved, provide a pension at GMP payable age (age 60 for women and 65 for men that is at least equal to the GMP ), where post 1997 COSR rights are involved, provide a pension at age 65) provide for the occupational pension to be revalued by the appropriate rate, if purchased before the employee reaches GMP payable age provide for a GMP , or that part of it built up from 6 April 1988, to be inflation-proofed after it becomes payable ensure that the GMP and COSR rights are only paid as a lump sum or transferred if the relevant conditions are satisfied have been bought, or a contract entered into, at the request or with the
Fees
The liability for payment of a GMP and post 1997 COSR rights on maturity may be transferred to a former COSR scheme if the receiving scheme provides for the pension to: commence from the date from which it has accepted liability to pay be subject to the same conditions as GMP and post 1997 COSR rights built up in the receiving scheme
Official source
Transfer your scheme member’s contracted-out pension rights
retrieved: