You generally have a right to transfer your pension out of your previous scheme up until a year before you retire. However, there is no corresponding duty on the receiving scheme; the trustees of an occupational scheme may refuse to accept any transfers, or may set conditions.
You can transfer it into:
You can download a leaflet on pension transfers from the TPAS website.
You can't get your hands on the cash in your pension: it can only be transferred into another pension scheme. If you are offered cash (through a so-called "early release" or "pensions liberation" scheme) you should be very cautious indeed: read more about this on the Pensions Regulator's website,
The value of a money purchase pension is straightforward. If you keep it with your previous employer's scheme they are entitled to deduct some administrative expenses, but otherwise it will just grow (or shrink) depending on how well your investment choices perform.
The value of a salary related scheme is far from straightforward. The scheme actuary will have to work out what is called the 'cash equivalent transfer value'. This is the money you would need to invest now to get the benefits that would be provided by your deferred pension if you kept your money in the scheme.
The precise value may vary between schemes as they can make different assumptions, but there are rules that limit this variation.
If the scheme is poorly funded the trustees are allowed to offer you a reduced value, or the choice of keeping the pension with them.
As with a deferred pension, the part of your pension in a contracted-out scheme that is meant to replace the State Second Pension is treated differently from the rest. It may be harder to transfer this into a new scheme.
This is a complex area, and you may need professional advice.
