Safeguarded benefits

An individual requests their benefit options or a transfer quote from the scheme administrator.

If the benefits value is less than £30,000, then the individual returns the completed benefits option or transfer form to the scheme administrator. The scheme administrator then processes the chosen benefits option or transfer.

If the benefits value is more than £30,000 then the individual needs financial advice before they can give up their safeguarded benefits. Once the individual has received financial advice, they return the completed benefits option or transfer form to the scheme administrator. The scheme administrator will check that advice has been given, or it has been signed off, by a suitably qualified adviser. If it hasn't then the individual will need to get financial advice form a suitably qualified adviser. Once that has been done then the scheme administrator will process the chosen benefits option or transfer.