It may be useful, depending on your plans. Under UK pension rules in 2026/27, a transfer value quote, formally a statement of entitlement, is usually free once a year, commits you to nothing and gives you a dated figure for your records. It does not mean you should transfer, and the FCA's view is that most people would be best advised to keep a final salary pension.

What a transfer value quote is

A final salary (defined benefit) pension promises you an income for life based on your salary and service. The transfer value, or cash equivalent transfer value, is the lump sum the scheme would pay into another pension if you gave up that promise.

If you have left the employer, you generally have a legal right to ask your scheme for a guaranteed statement. According to The Pensions Regulator and MoneyHelper:

  • you can usually get one statement each 12 months without charge, though schemes may charge for more
  • you can usually ask up to a year before your scheme's normal pension age
  • the scheme sets a guarantee date within three months of your request, and sends the statement within 10 days of that date
  • the figure is usually guaranteed for three months
  • if you go ahead, the transfer must normally be completed within six months of the guarantee date

Why getting one before you leave may help

Requesting a quote is a low-cost way to understand what you hold. Reasons people do it before moving abroad include:

  • Records. You have a recent statement, scheme contact details and your member number while your UK address and documents are easy to manage.
  • Planning. A transfer value helps build a full picture of your wealth, even if the pension stays where it is.
  • Comparison over time. Transfer values move with interest rates and scheme funding. A dated figure helps you see how it changes.
  • Practicalities. Some schemes are slower dealing with members abroad, so having paperwork in order first can help.

It can also prompt you to check the basics while still in the UK: that the scheme has your correct details, who your nominated beneficiaries are, your normal pension age, and whether the scheme offers options such as early retirement. Tell the scheme your new address and email once you have moved.

What it does not do

A quote is not a recommendation, and a high number can be misleading. It is the price of giving up a guaranteed, inflation-linked income, along with any spouse's pension and other protections.

If your transfer value is over £30,000, measured before any reduction, UK law requires you to take advice from a firm authorised by the Financial Conduct Authority with permission to advise on pension transfers before the scheme will release the money. Our guide to defined benefit pension transfers for expats explains the process.

If an overseas scheme were ever suggested, for transfers requested on or after 30 October 2024 a 25% Overseas Transfer Charge generally applies unless an exclusion is met, such as living in the country where the receiving QROPS is established or it being your employer's occupational scheme. The result depends on your residence, the scheme's status and whether the exclusion continues for five years. See the Overseas Transfer Allowance guide.

A worked example

Illustrative example only, not a real client.

Claire, 50, is moving to Dubai. She has a deferred final salary pension of £15,000 a year payable from 65. She requests a statement before leaving and is quoted a transfer value of £300,000, guaranteed for three months.

She files it with her pension records and takes no further action. The quote gives her a figure for planning and a starting point should her circumstances change, while her pension continues to be revalued under the scheme rules. Because £300,000 is above £30,000, any future transfer would require advice from an FCA authorised firm with pension transfer permission. The figure is a snapshot only: a later quote may be higher or lower.

Common mistakes

  • Treating a high transfer value as a reason to transfer on its own.
  • Using up your free annual statement and then needing another within the year.
  • Missing the three-month guarantee window and assuming the old figure still stands.
  • Not updating the scheme with your new overseas address.

A regulated financial adviser can help. Get in touch for a free introduction.

Sources and further reading

Last reviewed: October 2026. Tax year: 2026/27. Jurisdictions covered: UK. Rates, legislation and guidance change, so recheck before relying on this. Rules can differ between England and Wales, Scotland and Northern Ireland; tax residence is fact-specific; treaty outcomes depend on residence, domicile or nationality provisions; examples are simplified and omit reliefs, costs, exchange rates and anti-avoidance rules. This is general information, not financial, tax or legal advice. Take advice in the relevant country before acting.