Why is my pension being transferred?
Following the nationalisation of Bradford & Bingley and Northern Rock, responsibility for supporting the Schemes passed to a government-owned organisation. The Government has decided to take direct responsibility for members’ pension benefits through a new government-run pension scheme.
This transfer is intended to provide a long-term home for members’ benefits. Your pension and death benefits will not be affected and remain fully protected as a result of the transfer.
Will my pension benefits change?
No. Your pension and death benefits will not be affected and remain fully protected as a result of the transfer.
Is my pension still secure?
Yes. The government will continue to be responsible for paying your pension benefits. Please refer to the latest member newsletter for further details about the security and funding position of the Schemes.
Do I need to do anything?
No. The transfer will happen automatically, so you do not need to take any action.
When will the transfer take place?
| Legislation laid: | Early 2027 |
| Transfer expected: | Autumn 2027 |
We will keep members informed about the timetable for the transfer and will provide updates as key milestones are reached.
Who will look after my pension after the transfer?
Your pension will be looked after by the new government-run scheme. However, Isio will continue to administer your pension, as they do now, and will remain your first point of contact for any questions.
Will my pension still be paid on time?
Yes. If you are already receiving a pension, your payments will continue as normal.
Will I need to contact a different administrator?
No. Isio will continue to administer your pension and will remain the team you contact for information, support and enquiries.
Can I still request a retirement quote or transfer value quotation?
Yes. You can continue to request quotations and information in the usual way through Isio or via the member portal.
I’m planning to retire soon. Will the transfer affect me?
No. If you’re thinking about retiring or you’ve already started the retirement process, you can continue as normal. Isio will continue to administer your pension and will remain your first point of contact.
The transfer will not affect your ability to take your benefits.
What happens to the Scheme’s assets?
The Scheme’s assets and liabilities will transfer to the Government.
What happens to any benefits payable to my dependants?
Benefits for eligible dependants and beneficiaries will continue to be protected as part of the transfer arrangements.
Will there be any changes to how I access information about my pension?
No immediate changes are expected. If anything changes in future, we’ll let you know in advance.
Will this impact my tax position?
No. The transfer itself will not affect your tax position.
