TRANSFERRING YOUR PENSION

You may, if you wish, transfer your deferred DB pension benefits to another registered pension plan, if that plan’s rules allow it.

If you decide to transfer your DB benefits out of the Scheme, please be aware that there are scammers out there who will try to trick you out of your hard-earned retirement savings. You can find out more about pension scams, and how to avoid them, here.

If you want to transfer your deferred Sony UK Defined Benefit Scheme benefits to another UK or Qualifying Overseas Registered Pension Scheme (QROPS), then you need to complete the Sony UK Pension Transfer-Out Form and send it to the administrators, Willis Towers Watson. They will then advise on next steps.

If you are considering a transfer to an overseas pension scheme, it is your responsibility to find out if you have to pay tax. As announced in the Spring Budget 2017, a new tax charge will apply to any transfer to a QROPS that is requested on or after 9 March 2017, unless certain excepted circumstances apply. You will receive details from the administrators, should you decide to apply for a transfer out. 

This link takes you to the HMRC web page, which includes a list of QROPS. This list is subject to change.

It is recommended you seek professional advice when wishing to make such a Defined Benefit transfer. You can get a list of local independent financial advisers (IFAs) through this website: www.unbiased.co.uk