Transfers
Transferring Benefits
Whether you are joining us or moving to another pension provider you may be able to transfer your pension.
Transfers In
Transfers in to the Fund are only accepted from:
- Other Local Government Pension Schemes (LGPS)
- Members of the Public Sector Transfer Club e.g. NHS Superannuation Scheme, Civil Service, Teachers pension schemes.
A full list of Club members is available on the Civil Service Pension Fund website.
We cannot accept transfers from personal or private pension schemes.
You have 12 months from joining the Fund to transfer in other pension benefits. To transfer in other pension benefits complete and return the PEN 1.3 Previous Pension form.
Transfers Out
You may wish to transfer your pension benefits to another pension scheme or provider, particularly if you are leaving the LGPS. It is not always an easy decision to make so you may wish to seek the help of an independent financial advisor.
If you do decide to transfer your pension, you should contact your new provider to see if they will accept the transfer. If they do, they will normally contact us directly to begin the process however you should follow their transfer procedure.
You cannot transfer out while you are still an active member of the pension scheme. As such if you do decide to transfer your pension you must opt out, or have left the Fund, before the transfer can be complete.
Protected Pension Age
The UK Government has announced that the earliest age you can ordinarily take your pension will increase from age 55 to 57 from 6 April 2028. You could be protected from this increase if you joined the LGPS in Scotland before 4 November 2021, or transferred a previous pension in certain conditions. This protection will continue to apply to any LGPS pension transferred to another scheme. However, the conditions of your new scheme will determine whether you can receive your transferred pension before age 57.
If you joined the LGPS in Scotland after 4th November 2021, any pension transferred in from another scheme will still be protected, despite the fact that pension built up in our scheme would only be paid from age 57.
We are awaiting confirmation from the Scottish government on whether payment of any protected pension could be taken before age 57, separately from your pension built up in the LGPS.
Got AVCs?
If you have AVCs, you will be required to take, or opt out of, Pension Wise guidance, before your AVCs can be transferred. Find out more here.
Before You Go
If you are looking to transfer out your pension, it is important that you have information about both your new provider and the LGPS and that you fully understand the pros and cons of each. There are benefits within our pension scheme that might not be available elsewhere including:
- A guaranteed annual pension which is paid for life.
- An inflation proof pension - so as prices and the cost of living increases, so too does your pension.
- Financial protection for loved ones should you die, with a tax-free lump sum and survivor's pensions payable.
- No investment ups and downs. You don't have to worry about poor investments or downturns affecting your pension, nor do you need to stress over where you should invest.
- Retirement flexibility. You can choose to take your pension from age 55, or if things are outwith your control you could get your pension paid due to redundancy or ill health.
