Your right to the money you’ve built up in the scheme is worked out according to the scheme rules.
If you haven’t yet taken any money, the trustees will work out your transfer value.
If you’re a member of a defined benefit scheme and are drawing money from the scheme, the trustees will work out how much it would cost to buy an income from an insurer that’s equal to your pension under the scheme.
When the trustees have worked out the total cost of the benefits for all members, they’ll be able to see if there’s enough money in the scheme to buy an income for all members.
If you haven’t taken your benefits, you can choose to transfer them to another scheme.
If you’ve been a member of the scheme for less than two years, you might be able to take a refund of your own contributions to the scheme.
If the total value of your benefits is £18,000 or less, you might be able to take a ‘winding-up’ lump sum.