TRANSFERRING OUT YOUR PENSION

You have the option to transfer your benefits to another pension arrangement, subject to the rules of that arrangement and any legislative requirements. This can be a registered stakeholder or personal pension plan or your new employer’s pension scheme.

If you want to transfer your Caterpillar pension to another arrangement, we strongly recommend that you first speak to an independent financial adviser (and you may be required to do so if, for example, you wish to transfer more than £30,000). You can find one in your area on this website: www.moneyhelper.org.uk

Please be aware that there are scammers out there who will try and con you out of your pension savings. You could potentially lose all of your pension savings and also face a huge tax bill from HMRC.

Before you make a decision to transfer your account out of the Plan, make sure you are transferring the money to a bona-fide arrangement. Visit www.pension-scams.com to find out how to spot a scam.

If you decide you do want to transfer your pension to another pension arrangement, please contact the pensions administration team and they will advise you of the steps to follow.

Transferring your benefits out to another pension scheme - timescales

Provided you have not started taking your Plan benefits, you have a statutory right to transfer your benefits out of the Plan to another pension arrangement up to one year before your ‘normal pension age’ (your ‘normal pension age’ is usually age 65).

On a discretionary basis (which is subject to review from time to time), the Plan permits non-statutory transfers up to age 65 provided that you:

• have not started taking your Plan benefits
• initiate the process by requesting a transfer value no later than the date you reach age 64 years and 3 months, and
• any such transfer is completed no later than the date you reach age 65.

Please note the above timing constraints and requirements which apply where you wish to proceed with a transfer out. You must adhere to these timings in order for any transfer to proceed.