pension transfer

(except in COBS 15 (Cancellation)) a transaction, resulting from the decision of a retail client who is an individual, to require a transfer payment in respect of any safeguarded benefits:192

1. (a) from any pension scheme with a view to obtaining a right or entitlement to flexible benefits under another pension scheme; or192
2. (b) from an occupational pension scheme with a view to obtaining a right or entitlement to safeguarded benefits under a non-occupational pension scheme; or192
3. (c) from an individual pension contract providing fixed or guaranteed benefits that replaced similar safeguarded benefits under a pension scheme with a view to obtaining a right or entitlement to safeguarded benefits under a non-occupational pension scheme or under a defined contribution occupational pension scheme.192

For the purposes of this definition of “pension transfer”:192

1. (d) “pension scheme” means an occupational pension scheme or a non-occupational pension scheme; and192
2. (e) “non-occupational pension scheme” means a stakeholder pension scheme, a personal pension scheme or a deferred annuity contract.192