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  • The With Profits Section is a cash balance scheme rather than a money purchase arrangement following a change in primary legislation.
  • You can’t access the new flexibilities from the With Profits Section.
  • But you can transfer the current value of your benefits to the Money Purchase Section and access the new flexibilities. You do not need to take independent financial advice.
  • You can transfer in benefits from other providers to access the flexible arrangements available in the Money Purchase Section.
  • Other providers may charge for transfers.
  • You do not have to get advice to transfer from other money purchase schemes, including personal pensions.
  • You may have final salary scheme benefits.
  • These benefits will provide guaranteed levels of pension and should not be given up lightly.
  • If you want to consider transferring final salary benefits to access the new options, you are required by the legislation to take independent financial advice first.
  • Transferring final salary benefits is only appropriate in very limited circumstances.

The information on this page is provided in good faith but is not legal or financial advice or binding on the Trustee. The trust deed and rules will override in the event of any inconsistency.

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