The transfer process
If you are no longer a contributing member, you may be able to transfer your benefits from the Final Salary section of the Uniper Group of the ESPS into a new pension arrangement.
This could be to your new employer’s pension scheme or a personal pension, as long as they are willing and able to accept the transfer.
If you are still paying in, you will need to have stopped paying in and become a deferred member, before you can transfer.
Read on to find out what is involved in each step of the transfer process and what to look out for.
1. Request a transfer value from your pension administrator, Broadstone
If you want to transfer your Uniper pension to another pension arrangement, you will need to contact your pension administrator, Broadstone, and request a transfer value. We call this a ‘Cash Equivalent Transfer Value’ or CETV.
It represents the capital value of your deferred benefits in the Scheme, if you were to take them to another arrangement.
You can request a transfer value at any time before you start taking your benefits. However, you can only get one free every 12 months. If you ask for more CETVs within a 12-month period, you will be charged for each additional one.
Once you have started taking your benefits, you can no longer transfer out of the Scheme and cannot request a transfer value unless it is for divorce purposes.
If you have a defined contribution Additional Voluntary Contribution (AVC) fund within the Uniper Scheme, you may be able to transfer this to another pension arrangement, before or after retirement, and still retain your main Scheme benefits. Further details are available from your pension administrator, Broadstone.
2. Get your CETV and complete your paperwork
Once Broadstone has processed your request, you will get a CETV and any paperwork you need for the transfer.
The amount shown in the CETV is guaranteed for three months. It will be subject to change after this date (as it depends on Scheme factors and market conditions at the time of the quote). It is therefore important to return any paperwork provided within the three-month timeframe.
If the transfer value expires, a recalculation will be needed and this could incur an additional cost.
Before completing your paperwork, you should consider the implications of a transfer (see point 3 below). You will also need to identify a new pension provider (see point 4) so you can provide those details to Broadstone.
3. Understand the implications and get advice as needed
When you receive your CETV quote it is important to consider whether the transfer is in your best interests and compare the benefits of your current pension with any alternatives.
You can find more information about your benefits in the Uniper Group of the ESPS across this website, or in your Member Guide.
You can find additional information online, including via the links below:
- The Financial Conduct Authority (FCA)’s guide for anyone considering a defined benefit pension transfer
- MoneyHelper’s guide to transferring your defined benefit pension
- Transferring a Pension (Article by the consumer body, Which?)
We strongly suggest that if you are considering a transfer, you should speak to an Independent Financial Adviser (IFA). An IFA will help you understand your pension and the options available.
If your transfer value is £30,000 or more you are legally required to take independent advice before you can transfer.
Getting financial advice
Origen Financial Services Limited (Origen) are available to provide you with financial advice about taking your benefits from the Scheme, including transfers.
The Uniper Trustees will pay some of the cost associated with this service. However, you can only access this paid-for advice service once (you could repeat this process, but it would be at your own cost).
Origen are independent from the Scheme and are authorised and Regulated by the Financial Conduct Authority (FCA).
You can find more information about Origen, and how to access the service, in the information that Broadstone supplied to you alongside your CETV (see point 2 above).
There is no obligation to use Origen, and you may wish to take advice from an alternative FCA-authorised adviser. You can find a list of Independent Financial Advisers in your local area on the Unbiased website.
If you choose to take advice from an alternative adviser, then the Uniper Trustees will not pay any of the costs incurred and you will not benefit from the preferential rates that have been negotiated by the Trustees on your behalf.
Neither the Trustees, the pension administrator Broadstone, or Uniper can provide members with financial advice. They can give you factual information but not advice.
See the help and advice page for more information.
4. Identify a new pension provider
Generally, a transfer can be considered if the new provider is an approved personal pension, an insurance policy or a new employer’s registered pension scheme.
Fraudsters may pose as one of these companies or try to lure you into an illegal transfer. If that goes through, your money could be lost and you might even face a large tax bill.
When choosing your new provider, it is important to be on the lookout for potential scams like these and take steps to protect your pension savings.
Study the details of any transfer carefully and be particularly wary of ‘deals’ such as:
- overseas investments
- guaranteed returns
- one-off pension investments
- cold calls
- upfront cash
- promises to help you access your pension funds early, before your Normal Minimum Pension Age (NMPA)*
- advice to transfer your pension savings into small occupational schemes to avoid scrutiny from regulator
These offers are unlikely to be genuine.
*NMPA is currently age 55, increasing to age 57 from April 2028. However, some individuals may have specific circumstances which means their minimum age is lower. Please refer to your Member Guide for further information.
- Check the deal you are being offered is not a known scam – see the FCA website for an up-to-date list
- Confirm that the company is registered with the FCA. You should also check this for any adviser who might have led you to the new scheme you are considering.
- Gain a firm understanding of the benefits you may lose by leaving your current scheme and, by comparison, what your new scheme offers, as well as what it costs and how it will invest your money.
- Seek independent financial advice. This is very important, and we would strongly encourage you to do this if you are thinking of transferring your benefits out of the Scheme. You can find an Independent Financial Adviser (IFA) in your area on the Unbiased website. You can also visit the MoneyHelper website or call MoneyHelper’s Pension Helpline on 0800 011 3797.
- Recognise the signs of a scam and what to do if you are concerned. For more information, visit:
For more top tips, download and save the protecting your pension factsheet or visit the pension scams page.
Reporting a scam
If you suspect that you have seen a scam, or have been a victim of one, you can call Action Fraud on 0300 123 2040 or the FCA Consumer Helpline on 0800 111 6768 (freephone). You can also report online on the Action Fraud website.
5. Wait for Broadstone to carry out the necessary checks
Once all of the paperwork has been returned, Broadstone will assess your transfer request in line with government regulations designed to reduce the risk to savers from scams and illegal transfers.
The regulations state that a transfer can only be made if it meets certain conditions and there are no ‘red’ or ‘amber’ warning flags that have not been addressed.
Your transfer will not be refused on the basis that it might not be in your best interest. However, the Trustees can refuse a transfer that does not satisfy regulatory requirements, and if there is a significant risk that it may be part of a scam.
Depending on the type of arrangement you want to transfer to, you may need to provide additional evidence or information to reduce the risk of you transferring your benefits to a scam arrangement.
In some cases, we may need to refer you to the government-backed service, MoneyHelper, for further support and guidance.
If the information you have provided shows that your new pension arrangement meets the relevant conditions in line with current regulations, then Broadstone will process your transfer and arrange payment as quickly as possible.
The current regulations are based on reducing the risk of a member transferring their benefits into a scam arrangement. Unfortunately, scammers often move much more quickly than regulations so you must remain vigilant to any offers or arrangements which could still be scams (see tips on staying safe above).
6. Your transfer is complete
You will receive a confirmation letter once your transfer is complete. The whole process, outlined above, should take around four months. This is dependent on Broadstone receiving timely information from you, your Independent Financial Adviser (where relevant), and the arrangement you want to transfer in to.
Please remember that once a transfer is complete, it is permanent and cannot be reversed at a later date.