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Transferring to another scheme

Find out about transferring your pension elsewhere

Can you transfer your pension?

Once you’ve left USS, you may be able to transfer your pension to any HMRC-registered scheme (if your new scheme allows it). So that could be:

  • Your new employer's pension scheme
  • A personal pension

What can you transfer?

What you can transfer will depend on whether you're still contributing, you're already stopped or you're retired.

What kind of member are you? Retirement Income Builder only Investment Builder only Both
I'm still contributing No Yes No
I've stopped contributing Yes Yes Yes
I'm retired No Yes - but only savings that are still invested. No

Visit your pension explained to understand which part of USS you're in.

When to transfer

  • Your Retirement Income Builder value can be transferred up until the Normal Pension Age (NPA)
  • Your Investment Builder savings can be transferred out at any time, even if you haven't stopped paying in – just as long as you haven't started taking the savings yet

How to make a transfer

All you need to do is complete and return the Transfer out option form.

Once we receive the form, we'll aim to send you all the information you need within three weeks. If you've changed your mind about the transfer, simply ignore the information.

The information we send you will include the transfer value for:

  • The Retirement Income Builder (from the date it was calculated)
  • The Investment Builder if requested (this will be your fund value and you can see this for yourself on My USS too)

Your Retirement Income Builder transfer value will stay the same for a guarantee period of three months. So it’s important that you send us any necessary information within this guarantee period. Your Investment Builder transfer value will be whatever your savings are worth when you actually transfer.

In any 12-month period, you get one free transfer quote for the Retirement Income Builder and the Investment Builder – or both together. You’ll be charged for any extra quotes (there are more details about this on the Transfer out option form).

For more information on how long the process takes, look at our transfer out timeline.

Get some advice first

By law, if you're transferring £30,000 or more worth of defined benefits (like what's in your Retirement Income Builder) to a defined contribution scheme, you'll need to get financial advice first. We're unable to give you financial advice.

If you’re transferring your Retirement Income Builder benefits out of USS to a scheme providing flexible benefits (check with the receiving scheme if you’re unsure), and your benefits are valued at £30,000 or more, the law requires you to obtain independent financial advice from a Financial Conduct Authority adviser. You can find information on how to access an independent financial adviser and a range of other resources on the guidance and advice page.

You should consider whether a transfer out from USS is in your best interests. You may want to take financial advice, if you’re not sure. You can find information on how to access an independent financial adviser and a range of other resources on the guidance and financial advice page.

Stay a step ahead of scammers

The Pensions Regulator logo

Scammers target millions of people each year, especially those that are making changes to their pensions. If you're a victim of a pension scam, you could lose your life savings and receive tax charges.

For information on how to spot a scam and stay one step ahead, visit The Pensions Regulator's website or take a look at ScamSmart.

Got a question?

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