Transferring your pension out
You can transfer your pension to any other pension scheme as long as the new scheme is one approved by HMRC and willing to accept the transfer. In some circumstances you may be entitled to get a refund of your contributions.
If you want to transfer your pension you should tell your new scheme that you hold benefits within the pension scheme.
The transfer process is typically:
- your new employer or pension scheme will approach us for a transfer value and let you know what the benefits are worth in their scheme
- your new employer or pension scheme will then work with you regarding whether you wish to go ahead with the transfer
- if you decide that you want to go ahead with the transfer, they will ask us to pay the transfer payment over to your new pension scheme
- there may be time restrictions in place, check with your new scheme as soon as you join
Deciding to transfer your benefits is an important decision. You may wish to take independent financial advice.
An option to transfer your benefits (other than AVC’s) must be made at least 12 months before your normal pension age.
If a full transfer payment is made you will not be entitled to any further benefits from the LGPS for yourself or your spouse, registered civil partner or subject to certain qualifying conditions, your eligible cohabiting partner, or your eligible children.
You can transfer your LGPS pension to an overseas pension scheme if it meets certain conditions set by HM Revenue and Customs.
You will also find relevant details in the national website for members of the LGPS in England and Wales.
