To receive an estimated transfer value, please register or log in to our online Member Self Service portal.
Peninsula Pensions provides information in accordance with statutory guidelines . This is within three months of the request being received for transfers out. We will always assume that you want to switch to a defined contribution plan unless you specifically tell us otherwise.
If you are still making payments into the LGPS, you must first choose to leave the program as you are unable to transfer out benefits while you are an active member. Additionally, keep in mind that in order to request a transfer out, you must do so at least a year in advance of your state pension age or normal pension age, whichever is earlier. This information is held on your deferred benefit statement. A transfer carried out on the basis of a “Club memorandum” could be an exception to this rule.
We must inform you of two government requirements before processing your request, should you choose to proceed with a transfer:
We will send you a Transfer Advice Confirmation Form along with the transfer details; you must return it to demonstrate that you have followed our advice. You have three months from the day we give you the guaranteed transfer value to return this.
Getting appropriate independent advice is not the same as making an appointment with MoneyHelper to discuss pension scams. Depending on where you want to transfer and how much your LGPS benefits are worth, you might need to see MoneyHelper and get the proper independent advice.
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A Service Enquiry Form will be provided to you when you join the LGPS, asking for information about any existing pension plans and your desire to look into the possibility of transferring those benefits into the LGPS. Within a year of enrolling in the pension plan, you must notify us in writing if you wish to transfer in. We will give you an estimate of the benefits the transfer will provide you under the LGPS, and you can then decide whether or not to proceed.
If you think that you may have pension benefits from a previous workplace or personal pension scheme and you have lost track of where they are held you can visit www.gov.uk/find-pension-contact-details to find the contact details of the relevant organisation.
Before proceeding, it is advised that you obtain independent financial advice to ensure that doing so is in your best interests.
Appropriate independent advice is not the same as attending an appointment about pension scams with MoneyHelper. Depending on where you wish to transfer and the value of your LGPS benefits, you might need to take appropriate independent advice and attend an appointment with MoneyHelper.
It’s crucial that you respond to our requests for additional information promptly and completely. You must give us the information yourself. No one else can provide the information to us on your behalf, with the exception of certain circumstances like power of attorney. Your transfer will be paused or stopped if you don’t comply with this.
To finish our checks, we might need to ask you for more details. We promise to only request information that we logically require and to use it exclusively for this purpose. We must ask you for information regarding your employment status if you would like to transfer to an occupational pension plan. We need to know about your employment or residency status if you want to transfer to an overseas program.
In order to safeguard your pension from fraudulent activity, should you choose to transfer, the government mandates that we determine whether there are any warning signs or red flags. If you move to another authorized master trust scheme, authorized collective defined contribution scheme, or other public service pension plan, we won’t have to do this.
To receive an estimated transfer value, please register or log in to our online Member Self Service portal.
Transferring your pension
Can I transfer my pension rights into the local government pension scheme?
This leaflet tells you how you can transfer your previous pension rights into the Local Government Pension Scheme (LGPS). A transfer usually buys more if it is fully completed within a year of you joining the LGPS – and if you decide not to look into a transfer now, your employer or your former pension scheme might not allow it at all later on.
Can I transfer an LGPS pension?
You cannot transfer an LGPS pension if you have already taken a pension from the LGPS. If you have an LGPS pension in payment you cannot transfer any deferred benefits out of the LGPS. If you hold more than one set of deferred benefits in the LGPS in England and Wales, you can transfer all or none of those benefits.
Can I transfer my LGPS pension to a defined contribution scheme?
The LGPS is a defined benefit pension scheme, not a defined contribution scheme. The LGPS is not directly affected by the Freedom and Choice rules. However, if you leave the LGPS and do not take your pension immediately, you could choose to transfer your LGPS pension to a defined contribution scheme that provides flexible benefits.
Can I transfer pension benefits from an Approved overseas pension scheme?
You may be able to transfer in pension benefits from an approved overseas pension scheme. Your pension fund may refuse to accept a transfer from a pension scheme other than the LGPS. Your previous pension scheme will offer a sum of money called a transfer value. That transfer value would buy an amount of extra pension in the LGPS.