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Document What method of payment will NHS Pensions use to pay my transfer out?

The method that NHS Pensions uses to make a transfer out payment will depend on the value of the transfer and where the payment is being made to.

  • All payments made within the United Kingdom are made via BACS.

  • For payments made to overseas pension schemes, any payments valued at below £50,000 will be made by payable order. Payments that are valued at £50,000 or over are made by Swift, which is a type of electronic payment.

  • For payments to Self-Invested Personal Pension (SIPP) schemes, any payments valued at below £50,000 will be made by payable order. Payments that are valued at £50,000 or over are made by CHAPS, which is a similar payment method to BACS.
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