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Transfers and scams
Transfers and scams


You may transfer your deferred benefits to another UK pension arrangement, although if you are an active member, you will have to leave the Scheme first. 

You may request a transfer value estimate at any time after leaving the Scheme and before your deferred benefits become payable (a transfer value cannot be paid once your benefits have come into payment). You can request the transfer value estimate from Railpen - please note, you will be charged if you request more than one transfer value estimate within 12 months.

Pension scams – watch out for illegal transfers

Pension scams are a growing problem, but knowing the warning signs will help protect your savings.

Fraudsters may try to lure you into an illegal pension transfer. If the transfer goes through, you might never see your pension again and you could face a large tax bill as well! 

Scammers’ tactics are becoming ever more sophisticated. They will try to flatter, tempt and pressure you. 

Be wary of offers of ‘deals’ such as overseas investments, guaranteed returns, or limited offers, one-off pension investments, cold calls, upfront cash or promises to help you access your pension funds early. These offers are unlikely to be genuine. 

If you’re under age 55, you usually cannot release your pension, unless you are too ill to work. 

Before agreeing to any pension transfers…

Learn more in The Pension Regulator’s pension scams booklet below.

If you think you’ve been a victim of a scam, please report it to Action Fraud on 0300 123 2040.