In this section:
Transferring your pension
If you are no longer an active member of the scheme, and your pension is not yet in payment, you may wish to consider transferring your benefits to another pension arrangement. Any election to transfer must be made at least one year before your Normal Pension Age.
Many pension providers have time limits for receiving transfers and so you should contact your new provider as early as possible.
How to make a transfer
You may request one transfer value (CETV) quotation from the Pensions Shared Service within a 12 month period. To request a CETV please complete the Transfer Value (CETV) Quotation Request Form.
If you are considering whether to transfer benefits, make sure you have full information about the two pension arrangements, i.e. details of what your benefits are worth in the LGPS and details of what your benefits would be worth in the new pension scheme, if you transfer them. When you compare your options, don't forget that your LGPS benefits are guaranteed to increase in line with any cost of living increases.
Transfers to public sector schemes usually give benefits that are broadly equivalent to those in the LGPS, under what are known as Club transfer rules. For these rules to apply, you must apply for the transfer within 12 months of joining your new pension scheme and have not had a break in membership of more than five years between leaving the LGPS and joining the new public service pension scheme.
If you hold more than one deferred benefit in the LGPS in England and Wales (either in the same or separate LGPS pension funds), you will be required to transfer all or none of the benefits you hold. It is not possible to transfer one deferred benefit whilst retaining another deferred benefit in the LGPS.
Transfers can be paid to an overseas pension arrangement provided that it is recognised by HM Revenues and Customs as a Qualifying Recognised Overseas Pension Scheme (QROPS).
You have the right to transfer your LGPS Defined Benefit pension to a Defined Contribution (DC) arrangement, providing flexible benefits. Please note that you will be required by law to take independent financial advice if the value of your pension benefits in the LGPS (excluding AVCs) is more than £30,000.00.
If you are considering transferring your LGPS pension rights to a DC arrangement you should visit the Government Pension Wise website.
Pension scams are on the increase. If you transfer your savings to scammers you could lose all your savings. Find out how to recognise pension scams and protect yourself.
Flexibility around your pension
There are flexibilities around withdrawing money from pension schemes.
You should be aware that these arrangements apply to Defined Contribution pension saving arrangements and not Defined Benefit pension schemes, so these arrangements do not directly affect the LGPS.
Read more in our guide:
For further information about transferring your LGPS pension rights to another pension scheme, visit the national members' website.
For help on obtaining independent financial advice, you can visit the Money Advice Service website.