Transferring Your Pension

If you are looking to transfer your pension to another provider, there are a number of steps to undertake and factors to consider.

Can I transfer my Pension?

You can transfer your pension as long as:

  • Your new pension provider or scheme accepts Local Government Pension Scheme (LGPS) pension benefits. You will need to speak to them to see if this is possible, and
  • Your transfer is made at least 12 months before your Normal Pension Age

 

Normal Pension Age

For the purposes of transferring, your Normal Pension Age is:

  • If you left after 31 March 2015 NPA is equal to your State Pension Age (with a minimum age of 65), unless you are subject to the statutory underpin (in which case NPA is, in effect 65)
  • If you left between 1 December 2006 and 31 March 2015, NPA is age 65
  • If you left before 1 December 2006 NPA is 65, unless you were active in the Scheme before 1 April 1998, in which case NPA is:
    • 60 if your total period of membership is at least 25 years by your 60th birthday; or
    • the day after that date of attaining 25 years membership, if that date is between 60 and 65; or
    • 65 if the above does not apply.

The date members meet the Rule of 85 is not classed as NPA.

 

What if I have more than one job or pension record?

If you hold more than one deferred benefit either in our Fund or another LGPS, you must transfer all your benefits.

If you have two or more jobs in which you pay into the LGPS, and you leave one job but not all of them you will have deferred benefits for the job you have left. These deferred benefits will be automatically transferred to the pension account for the job your are continuing in unless you choose to keep them separate.

 

Withdrawing or Cashing in Your Pension

If you want to withdraw or cash in your pension, you need to transfer to another pension provider who offers this option. You are required by law to get independent financial advice before the transfer can happen if your pension benefits are worth £30,000 or more. You will also need to prove that this advice has been sought.

Before You Go

Before you transfer it is important that you have information about both your new provider and the Local Government Pension Scheme (LGPS) and that you fully understand the benefits of each. There are benefits within the Pension Scheme that might not be available elsewhere such as:

  • A guaranteed annual pension which is paid for life
  • A pension which increases with the cost of living so as prices go up, so too does your pension
  • Financial Protection for loved ones should you pass
  • A pension that doesn't rely on investments so when the economy isn't great, you don't need to worry about your pension going down. 

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