Jurisdiction(s):
United Kingdom

Defined benefit occupational pension transfers: statutory cash equivalents, 2021 transfer conditions, red/amber flag checks, process, timelines, calculations and trustee duties—practitioner checklist

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Statutory right to cash equivalent

Individuals in defined benefit workplace pension schemes have a legal entitlement to transfer the cash equivalent of their scheme benefits to certain other pension arrangements.
From 30 November 2021, using this right requires meeting one of two conditions set out in the Occupational and Personal Pension Schemes (Conditions for Transfers) Regulations 2021, SI 2021/1237, designed to protect members from fraudulent schemes.
The stated cash equivalent is guaranteed for a three‑month period.
This statutory entitlement takes precedence over any conflicting terms in the scheme’s trust deed and rules.
The right applies where a member’s pensionable service has ended at least one year before normal pension age and the member has accrued rights under the scheme.
Members who continue in service after pensionable service ends only acquire a...

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Web page updated on 27/05/2026

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