Option 5
Cash Equivalent Transfer Value (CETV)
Rather than taking a pension from the Group, you have the option to transfer your benefits out of the Group at retirement, into another pension arrangement of your choice. This means it can be used to provide benefits from another scheme, which may provide different retirement options.
You may wish to consider this option if:
- you’d like more flexibility, allowing you to access money from your retirement savings as and when needed
- you’re single or don’t need the spouse’s or dependants’ pensions payable from the Group
- you’d like to have a higher initial pension which doesn’t increase at all in future years
- you have a family history of heart disease or other serious illnesses; or
- you’re a smoker.
Your retirement quotation letter shows your illustrative Cash Equivalent Transfer Value (CETV) amount. This is the best estimate of the amount it would cost to provide your retirement benefits from the Group, based on several assumptions.
If you want to select this option, you’ll need to request a guaranteed CETV quotation which may differ from the illustrative amount shown in your retirement quotation letter or any other indicative estimate obtained on OneView, which are provided for information only and in no way guaranteed. You’ll also need to take advice from an FCA-regulated financial adviser before transferring out of the Group. Once the transfer has been paid, you and your dependants will no longer be entitled to any benefits from the Group.
Go to ‘What happens if I want to transfer my retirement benefits out of the Group?’ in the Member Guide for more information.
You can also go to Contact Aptia Pensions and click on ‘Me’ then ‘Transfer’ to watch a series of videos explaining what’s involved with the transfer process.
Next steps
You will need to complete the following:
• Retirement option form
See the timelines below showing how long we expect it’ll take to process your request.
Timelines
Active members leaving the Company:
Member contacts ScottishPower line manager asking to leave/retire (see MyHub)
At least 3 months before retirement date
Line manager loads leaver notification to system and auto-email sent to Aptia
Within 5-10 working days of request
Aptia sends (illustrative) retirement quotation pack to member
Within 10 working days of email if less than 3 months to retirement date
Member returns completed forms
Aptia completes ID checks if required
Within 10 working days of receiving completed forms
Aptia calculates guaranteed CETV quotation
Typically within 10 to 20 days of receiving completed forms although could be up to 3 months (need to wait for RPI inflation figure to calculate Final Pensionable Salary)
Aptia provides guaranteed CETV quotation
Within 10 days of calculation date
Member accepts the CETV quotation and provides evidence of receiving FCA-regulated financial advice
Within 3 months of calculation date
Settlement of benefits
Payment of the CETV to your receiving scheme
Within 6 months of calculation date
Active members continuing in employment:
Member contacts Aptia to opt out of the Group to access pension benefits
At least 2 months’ notice required before opt-out date
Aptia sends opt-out form
Within 10 working days
Member returns completed opt-out form
Any time before opt-out date
Aptia sends (illustrative) retirement quotation pack to member
Within 10 working days of receiving opt-out forms
Member returns completed retirement forms
Any time before opt-out date/retirement date
Aptia completes ID checks if required
Within 10 working days of receiving completed forms
Aptia calculates guaranteed CETV quotation
Typically within 10 to 20 days of receiving completed forms although could be up to 3 months (need to wait for RPI inflation figure to calculate Final Pensionable Salary)
Aptia provides guaranteed CETV quotation
Within 10 days of calculation date
Member accepts the CETV quotation and provides evidence of receiving FCA-regulated financial advice
Within 3 months of calculation date
Settlement of benefits
Payment of the CETV to your receiving scheme
Within 6 months of calculation date
Deferred members approaching Normal Retirement Date:
Aptia sends retirement quotation pack to member
Around 6 months before Normal Retirement Date
Member returns completed forms
Any time before Normal Retirement Date
Aptia completes ID checks
Within 10 working days of receiving completed forms
Aptia calculates guaranteed CETV quotation
Typically within 10 to 20 days of receiving completed forms although could be up to 3 months
Aptia provides guaranteed CETV quotation
Within 10 days of calculation date
Member accepts the CETV quotation and provides evidence of receiving FCA-regulated financial advice
Within 3 months of calculation date
Settlement of benefits
Payment of the CETV to your receiving scheme
Within 6 months of calculation date
Deferred members requesting early or late retirement:
Member contacts Aptia to request a retirement quotation
Aptia sends retirement quotation pack to member
Within 10 working days of request
Member returns completed forms
Any time before retirement date
Aptia completes ID checks
Within 10 working days of receiving completed forms
Aptia calculates guaranteed CETV quotation
Typically within 10 to 20 days of receiving completed forms although could be up to 3 months
Aptia provides guaranteed CETV quotation
Within 10 days of calculation date
Member accepts the CETV quotation and provides evidence of receiving FCA-regulated financial advice
Within 3 months of calculation date
Settlement of benefits
Payment of the CETV to your receiving scheme
Within 6 months of calculation date
Other retirement options
Option 6: Trivial Commutation
Useful contacts
MoneyHelper A free, Government-backed service offering impartial help on all aspects of money, including benefits, savings, budgeting and pension choices. It includes Pension Wise, which offers free, impartial guidance on retirement options for people aged 50 and over. Visit www.moneyhelper.org.uk.
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