If you’re actively paying into your pension or you’re retired, you can’t transfer savings from the Retirement Income Builder to another scheme, but you can transfer any savings you’ve built up in the Investment Builder.
If you’re not paying in to your USS pension or receiving benefits (deferred member), you can transfer your USS pension savings to another scheme.
If you’re living or working overseas and are eligible to transfer your pension savings, you can transfer them to an overseas scheme as long as it is recognised by HM Revenue & Customs as a qualifying recognised overseas pension scheme (QROPS).
Transferring your pension overseas could change the amount you get when you retire, and you may have to pay additional charges or tax. We don’t know what these charges or taxes might be in the future or how the UK’s future relationship with the EU may impact transferring your pension overseas.
Defined benefits, such as those you receive with the Retirement Income Builder are a valuable investment. Therefore, if you’re considering transferring to another scheme, we encourage you to take independent financial advice before moving your retirement savings.
It is a legal requirement to take independent financial advice when transferring defined benefit rights from a scheme like USS to a defined contribution scheme when the defined benefit transfer is £30,000 or more.
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.