If you have ceased membership of the Local Government Pension Scheme (LGPS) and are not due immediate benefits, it is normally possible for you to transfer your pension rights to another approved pension arrangement.
Such arrangements could include a new Local Government Pension Fund, another occupational scheme, a personal or stakeholder pension, or a Qualifying Recognised Overseas Pension Scheme (QROPS).
Please click one of the two links below for futher information and forms;
- Transfer to a new Local Government Pension Fund in England or Wales, or
- transfer to another pension arrangement.
Please note that if you wish to transfer your benefits to the Local Government in Scotland or Northern Ireland then use the ‘transfer to another pension arrangement‘ section.
Important: Other schemes may have time limits within which you need to complete a transfer in to them. You will need to check this with your new arrangement.
Freedom and Choice
From 6 April 2015 members of certain pension schemes will have more freedom over how to take the money from their pension.
This flexibility does not apply to a Defined Benefit scheme such as the Local Government Pension Scheme (LGPS), and will therefore not have a direct impact on your LGPS benefits.
However, it may affect you if you are not already in receipt of your LGPS benefits and are considering transferring them to a Defined Contribution scheme when, for example, you may need to obtain approved independent financial advice before transferring.
Should you wish to read more about how transferring to a Defined Contribution scheme may affect you please read the Q and A for members transferring from the LGPS to a Defined Contribution scheme.
Pension Liberation Fraud – please be aware
Pension Liberation Fraud is a scam where savers are encouraged to transfer their pension fund to an arrangement on the promise of bogus ‘pension loans’ or cash incentives.
Tax charges of over half the value of your pension could fall on you for taking an ‘unauthorised payment’ from your pension fund in this way. Plus, high fees could be deducted from your pension for the transfer.
Fraud of this kind is on the rise in the UK, with people being targeted via unsolicited calls or text messages. To find out more read the Pensions Regulator’s guidance or visit their website – http://www.thepensionsregulator.gov.uk/individuals/dangers-of-pension-scams.aspx