At times one's char idea might simply turn out to not work.
At times someone might wish to retire an PC with which he reached enough character development.
Maybe you're a BM member returning after some longer hiatus and seek to start with something new but at the same time leveled adequately for the level range which is most frequently DM-ed for?
In any of such cases this procedure should prove helpful.
A1) Levels can be transfered to a new char that hasn't been established yet. No transferring from multiple chars into one.
A2) Alternatively one may transfer levels to a low-level character of his own (Lvl 1-5), overriding the existing levels in the process (as opposed to adding levels). The procedure remains mostly unchanged otherwise.
B) Only chars which participated in at least 5 events can be retired.
C) The NPC-ized char's gear becomes locked save for possible plot-relevant items, per DM's discretion. No item giveaways before NPC-ization.
All in all those are guideliness as each individual procedure is moderated on case by case basis.
The Procedure, step by step:
1) Start a request topic onboards. Acquire the council's as well as interested DM's consent.
2) Place the 'retired' tag on the given char's page, create a proper character log entry which links to the topic where the abovementioned approval was issued. Then make an entry, complete with epilogue (created in co-operation a DM), for it on the 'hall of fame' page.
3) The retired char is effectively NPC-ized now.
5) Transfer levels from the old char to the new one. Characters of lvl 2-10 lose 1 lvl in the process while chars of lvl 11-20 lose two levels.
6) The new character gets level-appropriate gear as per our WBL table.
7) The first entry on the new char's page (aka character creation) should be linked both to the topic where approval was granted as well as the char which was retired.
8) The character's ready to use now.