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If you want to transfer out of the Scheme, you will likely need a guaranteed transfer out quote before you can do so. This is also known as a cash-equivalent transfer value (CETV).

While a transfer isn’t something that should be taken lightly, we appreciate that members who do decide to transfer out, want the process to be as simple as possible. With that in mind, most members can now request a CETV online.

You can only request one CETV free of charge in any 12 month period, so it’s really important to consider this carefully before you go ahead. 

We strongly recommend you get a transfer out estimate first. This will show you the forecasted value of your pension if you choose to transfer it elsewhere. You can get as many estimates as you need, completely free, by logging into your myRPS account and selecting 'request an estimate' under my pension. 

If you've already had an estimate, and are ready to progress to a guaranteed CETV, you can find out how to request one online below. If you're unable to request a CETV online, or experience any problems, you can still request a CETV by email or phone using the details on the get in touch page. 

If you are making AVCs you will need to stop them before we can provide a CETV. 

You can also find more information about transfers using the following links:

• transferring in and out webpage for all members
• transferring your pension page for DB members
• transfers read as you need guide for DB members

How to request a CETV online

To request a CETV online, log in to your myRPS account.

Find the ‘my pension’ menu and select ‘request a transfer out quote.’

From there, you’ll be guided through a 5 step process.  

This includes access to a variety of guidance information, to make sure you understand the transfer process and what it might mean for your pension if you do go ahead.

Once you’ve submitted your request, you’ll get an acknowledgment email in your myRPS inbox to confirm we have received it. You can access your inbox by selecting the bell icon in the top right once you've logged in to your myRPS account. 

You should then get a CETV in your myRPS inbox within 30 days. However, in some cases this may take longer. 

To find it, simply:

• log in to your myRPS account
• select the bell icon in the top menu, this will take you to your messages inbox
• select the tasks option, from the menu that says ‘messages’ ‘cases’ ‘tasks’ 

Your CETV will arrive there, alongside all the forms you will need if you want the transfer to go ahead. 

Additional instructions for AVC Extra members

Any transfers involving AVC Extra benefits will need to be started through your main DB scheme record.

To do this, follow these steps:

1. Log in to your myRPS account
2. Click the Scheme switch header at the top of the page to view the records available for you to switch to
3. Select your DB record via the Scheme switch
4. Then go to the myRPS Account menu, and;
5. Select 'Request a transfer out quote (CETV)' under the 'My Pension' section

When to request a CETV online (and when not to)

You should only request a guaranteed cash-equivalent transfer value (CETV) if you are strongly considering transferring your pension or are about to start the transfer process. Remember you can only do this for free, once in 12 months.

If you’re still exploring your options, and only need an initial view on what your transfer value might be, it will be quicker and easier for you to request a transfer out estimate instead. This will show you the forecasted value of your pension if you choose to transfer it elsewhere. However, unlike the CETV, it is not guaranteed. You can request a transfer out estimate, completely free, as many times as you need. This can be done in your myRPS account under ‘estimates.’

If you need a CETV as part of the divorce process you will need to contact us separately, unfortunately this cannot currently be done online.

If you are making additional voluntary contributions (AVCs) you will need to contact your employer to stop them before we can provide a guaranteed transfer out quote (CETV value). If you are still making them, you will receive an error message.

What happens once you have your CETV

Your cash-equivalent transfer value (CETV) is valid for 3-months.

This means you have 3-months to provide all the documentation we need to process the transfer and guarantee the transfer value you have been quoted.

We then have 6-months from the guarantee date to complete the process and make the payment to your chosen provider.