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Release date: 6 February 2006
If you are planning to transfer your pension to another provider, there are pension simplification changes applicable from 6 April 2006 that you must be aware of.
A transfer of funds from an Occupational Pension or Buy-out arrangement on or after 6 April 2006 may result in the loss of:
- any protected tax-free lump sum; and/or
- the chance to start receiving benefits before you reach the new normal retirement date.
We must receive all the required transfer documentation, including the completed original Discharge Form, by Friday 17 March 2006 to enable us to process the transfer to your new pension provider.
The receiving pension provider will also have a deadline by which they must receive the funds and appropriate application form.
It is your responsibility to ensure you meet both deadlines.
You can find out more about the pension simplification changes by visiting our pensions simplification section.
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