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4/30/2021 1:03:40 PM

13. Transferring in previous pensions

Before making a request to transfer your previous pension benefits, you will need to get up to date information from your former pension provider(s) and the Pensions & Investments Team

You will not be able to decide whether a transfer is the best option until you have all the relevant facts and figures. This information will enable you to make a comparison between your former pension scheme and the LGPS. The best time to make your decision is when we tell you how much extra pension you would get. This will allow you to make a more informed decision. 

Please deal with this now. You could lose out if you delay.

You must apply within 12 months of joining the LGPS.  If you delay, the amount of extra pension you are credited with may change considerably.  The LGPS Regulations only allow transfers to take place within the first 12 months of joining the Scheme. Your current employer can exercise their discretion to extend this limit and you can ask your Employer what their policy is on this.
 
If you are outside the 12 month limit to transfer and you wish to approach your employer to request an extension, please complete section 1 and 2 of the Transfer Quote Request Form, and then forward it to your employer so that they can complete section 3 Once the form has been completed in full and signed by yourself and your employer, return the form to the Pensions & Investments Team.
 
Please note: If you were a member of a Public Sector Club Scheme, you must make a formal ‘election to proceed’ within 12 months of joining the new Club scheme to be entitled to a transfer under Club rules (i.e. a request for an estimate or an enquiry is not enough). Deal with this now.

The transfer process explained

Initially, you are requesting a transfer investigation, not an actual transfer. You should not make a decision or transfer request until you have all the details about the extra pension you will receive in the LGPS and also details of your entitlements from your former provider, so that you can make a comparison.
We're not allowed to advise you, but we are happy to discuss your transfer and point out any relevant details which may assist you in reaching your decision. You can take independent financial advice if you wish and you may have to pay for this advice.
So what do I do next?

Contact your previous pension provider and request a Cash Equivalent Transfer Value (CETV). They must supply this to you on headed paper. We cannot accept a figure provided by you.

Once you receive this, fill in Section 1 of the Transfer Quote Request Form. Sign, date and send it to us along with the CETV from your previous pension provider.

If you're outside the 12-month limit, you'll also need to complete section 2. Send this to your employer. If your request is approved, they should complete section 3. You should send section 2 and 3 to us along with the CETV from your previous pension provider.

Once we have received this, we'll calculate how much your previous pension is worth when combined with your LGPS pension. You should review the information we send to you and decide if you wish to proceed. If you choose to go ahead, you should complete the any forms you receive and send them to us. If we do not hear back from you, we will assume you no longer wish to proceed.

If you have previous LGPS membership, you do not need to complete the Transfer Quite Request pack. Instead, you should complete the LGPS Membership Form instead.

 

Our transfer forms 

  • LGPS Membership form - Complete and return if you have LGPS benefits in another LGPS Fund or if you have an AVC fund

 

Is it always possible to transfer previous pension benefits?

In the majority of cases a transfer can be paid, but because of the way the LGPS works and the guarantees it gives, this is not always the case In some circumstances the amount of money being paid is not enough to cover the liability that we are taking on and we cannot accept the transfer value. We would always notify you if this applied in your case.
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Last updated: 30 April 2021

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