The transfer of a group of members from one occupational pension scheme to another. A transfer payment is made to the new scheme based on the transfer of assets and liabilities. The transfer may occur when members of a closed final salary scheme are given the chance to join a new money purchase scheme. More usually it occurs when the business changes ownership. The consent of the members is required as they could opt for a pension transfer to a personal pension, a section 32 policy or no transfer at all. The transfer payment usually exceeds the individual’s cash equivalent transfer value.