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Deferred Members ► Transfering benefits out of SAUL

If you’re a deferred member you can request a transfer of your SAUL benefits to another pension scheme that is registered with HM Revenue & Customs. Please contact the scheme to which you’re considering a transfer because you will need to give them your authority to deal with SAUL Trustee Company and find out if they will accept a transfer. You can also request a transfer quotation directly from us.

You can transfer your deferred benefits out of SAUL up to one year before your Normal Pension Date. If you leave SAUL within 18 months before reaching your Normal Pension Date, you have six months to transfer your benefits.

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Change of address form

Letter of Intent

SAUL Benefits Guide

How deferred benefits increase

Glossary

Other Schemes

The transfer out process

How transfers are calculated

Transferring benefits overseas

The transfer out process

You should start by contacting the scheme to which you wish to transfer your SAUL benefits. They will request your authority to deal with SAUL Trustee Company and then notify us that you are considering a transfer. We will calculate the value of all your deferred benefits - this is sometimes called a cash-equivalent transfer value or CETV - and we’ll then inform your scheme. They will then tell you the level of pension benefit that the CETV from SAUL will secure in their scheme.

You have three months from the date of our calculation to decide whether or not to accept the transfer. If you choose not to proceed your benefits will remain deferred in SAUL, but you are free to consider transferring at any time – although SAUL Trustee Company will not provide more than one transfer value within a six month period.

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How transfers are calculated

SAUL offers two types of transfer:

• ‘Club’ transfers to other schemes which participate in the public-sector transfer club. All Club schemes use the same basis. It aims to keep your service credit more or less the same in the receiving scheme as it was in the sending scheme. Small differences in the service credit might arise because of differences in the benefit structures between the two schemes. Club transfers usually provide better benefits in the receiving scheme, compared to transferring to a private sector scheme.  You can find a list of schemes that participate in the public-sector transfer club here. 

• ‘Non-club’ transfers assume a rate of compound interest to calculate how much money, set aside now, will produce the amount of money needed to provide your benefits in the future. The calculation – called a cash-equivalent transfer value - takes into account:

• the value of all the benefits that we might pay you or your family and dependants;

• how many payments we expect to make;

• the value of the increases to your benefits before you retire; and

• the value of the increases to your benefits after we have started paying them.

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Transferring benefits overseas

You may be able to transfer your deferred benefits to an overseas pension scheme provided that it is recognised by HM Revenue & Customs. A list of the overseas schemes that SAUL benefits can be transferred to (called QROPS – Qualifying Recognised Overseas Pension Schemes) can be found here.

You will also need to contact the overseas scheme to find out if they will accept a transfer of your SAUL benefits. In addition, please check for any limitations or taxes that could be applied to your transfer by the authority which regulates your overseas pension scheme.

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Superannuation Arrangements of the University of London
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Website last updated 18 May 2012

© 2012 SAUL Trustee Company