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What information should I be given when I leave a salary-related pension scheme?
When you leave a scheme, you should be given a statement of your benefits and options within two months of leaving the scheme.
You can ask for further statements and receive them within two months, unless nothing has changed or you received your last statement within 12 months.
If you ask for a transfer value, you should be given it within three months and it should be held for three months. The scheme administrator then has six months before they have to pay it. If they fail to do this, then they must recalculate the value and pay you either the new amount or the original amount plus interest, whichever is higher.
Because of concern that members transferring their pension out of a scheme may benefit at the expense of remaining scheme members, pension funds are now allowed to breach these time limits in some circumstances. However, you must be told why the decision has been made and when you can expect an answer.