Transferable benefits for employees

pensions

A change in OPS preservation rules will allow employees to transfer all the benefits including employer contributions to another registered pension scheme after only three months.

The rules regarding preservation in an occupational pension scheme (OPS) are one of the many things that will change on A-Day - 6 April 2006. The new rules will affect scheme members and their employers if the member leaves the OPS between three and twenty four months of joining. The changes will be most noticeable for people who frequently change jobs, and employers with a high turnover of staff. At present, a preserved benefit must be available to members if they have completed two or more years qualifying service in the OPS, or the scheme has received a transfer value from a personal pe...