Please register/sign in to our online Member Self Service portal to obtain an estimated transfer value.
Peninsula Pensions provides information in accordance with statutory guidelines . For transfers out this is within 3 months of the request being received. Unless you tell us otherwise, we will always assume that you wish to transfer to a defined contribution scheme.
You cannot transfer out benefits while you are an active member of the LGPS, so if you are still paying in you will need to opt out of the scheme first. You should also note that a request to transfer out must be made at least a year before your normal pension age or a year before your state pension age, which ever is sooner. This information is held on your deferred benefit statement. An exception to this rule may be a transfer made under a ‘Club memorandum’ basis.
Government requirements
Before we process your request, we must let you know about two government requirements that could apply if you decide to go ahead with a transfer:
- if we decide there are any pension scam risks associated with your transfer, we may require that you attend an appointment about pension scams with MoneyHelper before the transfer can proceed. Depending on the level of risk we may, in some circumstances, refuse the transfer
- if the total value of your LGPS benefits is more than £30,000 and you want to transfer to a defined contribution pension scheme, such as a personal pension scheme, you must take appropriate independent advice at your own cost.
To prove you have taken that advice, you must return the Transfer Advice Confirmation Form, which we will send you with the transfer information. You must return this within three months beginning with the day we provide you with the guaranteed transfer value.
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.
How we work to protect your pension
Unfortunately, pension scams are on the rise in the UK. Falling victim to a pension scam could mean that you lose some or all of your pension savings.
The Government has identified common pension scam risks associated with transfers which, if present, may suggest you are in danger of being scammed. The Government calls these red and amber flags. Examples of these flags can be found on our Helping members avoid pension scams page.
If you elect to transfer, to help protect your pension from scammers, the Government requires us to decide whether any red or amber flags are present. We will not need to do this if you transfer to a different public service pension scheme, an authorised master trust scheme or an authorised collective defined contribution scheme.
We may need to ask you to give us more information to complete our checks. We will only ask for information that we reasonably need and will only use it for this purpose. If you wish to transfer to an occupational pension scheme, we must ask you to give us information about your employment status. If you wish to transfer to an overseas scheme, we must ask you to give us information about your employment or residency status.
If we ask for more information, it is important you give us all the information we ask for in a timely manner. You must give us the information yourself. Other than in limited situations, such as power of attorney, no one else can give us the information on your behalf. Failing to do so will result in your transfer been paused or ultimately stopped.
More information about pension scams, such as how they work, how to avoid them and what to do if you suspect a scam can be found on our dedicated scam page.
Please also take time to read information set out by the Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) to help you understand the value of a defined benefit (DB) pension and what to think about if you are considering transferring out of a DB pension scheme.
To understand the process of transferring out of the LGPS and the steps you must take, please visit the LGPS website and watch the video below;-