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your new employer's tax-registered scheme (provided its trustees will accept the transfer
value);
a tax-registered personal pension; or
an approved policy with an insurance company which will provide a pension for you
when you retire.
The pension that you subsequently receive will depend on the benefit structure of the
receiving scheme or policy. Once the transfer has been made, neither you nor your
Dependants will have any further rights under the Scheme.
Notes
If you have completed at least two years Pensionable Service and you wish to make a
transfer, special rules require the Trustees to guarantee any transfer value quotation that they
give you. Once you have left Pensionable Service, the Trustees will, on request, provide you
with a guaranteed statement of your entitlement showing the current transfer value from the
Scheme. This will be sent to you within three months of the request and the transfer value
will be guaranteed for three months from the date of that statement. You are only entitled to
one guaranteed statement of entitlement in any 12 month period, unless the Trustees decide
otherwise.
If within three months of receipt of the guaranteed statement of entitlement you apply for a
transfer value to be paid to another arrangement, the amount shown on that statement will be
paid within six months.
If you have not opted out or left the GFTU's employment but you are thinking of doing so,
you are also entitled to request one guaranteed estimate of a transfer value in any 12 month
period. The Trustees may supply you with more than one guaranteed estimate in a 12 month
period but they are not obliged to do so.