Can I transfer my pension out?

At any time before you start to draw your pension, you can ask us to transfer the value of part or all of your Scheme benefits to another registered pension arrangement.

If you decide to transfer the value of all of your Scheme benefits, this value is called a 'cash equivalent transfer value', or 'CETV'. We will provide a CETV in your retirement pack shortly before you reach your Normal Retirement Date, but you can ask for a statement of your CETV at any time before you draw your pension (but usually not more than twice in any 12-month period).

Subject to certain conditions being met, NAPS members may be able to take a partial transfer out of their Scheme benefits and leave the remaining pension benefits in the Scheme to draw or transfer out later. You can find out more about the partial transfer out option on the FAQs page of this website, under the FAQ: Can I take a partial transfer out of my NAPS pension and leave the rest within the Scheme?

If you want to arrange a transfer please ask the administrator of your new scheme or your financial adviser to write to us. You must also give them a letter, which you have signed, authorising us to release the relevant information to that person.

If you are thinking about requesting a CETV quotation, please click here to read a letter prepared jointly by TPR, the FCA, and the Pensions Advisory Service. It contains important information on points you should consider before making a decision and where you should go for impartial guidance.

There are many things to consider when deciding whether to transfer your benefits. You should make sure that you have full details of the benefits your new arrangement will provide and the possible benefits you would be giving up under the BA Scheme. We can give you more details and discuss the options generally, but if you need any guidance on comparing the different benefits available, you should consult an independent financial adviser.

You should always ask your financial adviser questions to identify any increased risks associated with how you may be considering accessing their pension benefits. The Financial Conduct Authority (the FCA) has provided a useful guide on what to ask an adviser.

You can also take advantage of free impartial guidance which is available from The Pensions Advisory Service.

Pensions Liberation Fraud

The Pensions Regulator (tPR) has recently run a ‘pensions predators’ awareness campaign to warn individuals against transferring pension benefits to arrangements that promise to ‘liberate’ your pension benefits, for example before age 55 and which could give rise to significant tax penalties – up to 55% - for the individual. To better understand what a ‘pension predator’ is, you can visit

Keep ahead of the latest scams!

The number of reported scams since the start of the COVID-19 situation has increased dramatically. Please visit the FCA's website to stay up-to-date and avoid falling victim.


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