If anyone approaches you directly to offer transfer advice, be on your guard. The government has banned cold calling for pensions, so if anyone calls you out of the blue about yours, just hang up – it could be a scam. You can also visit the ScamSmart website to check the firm you are dealing with is regulated and to see whether what you’re being offered is a known scam or has the signs of a scam.
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. We must also receive your request to investigate a transfer in writing at least one year before your Normal Pension Age which will be shown on your deferred benefit statement. An exception to this rule may be a transfer made under a ‘Club memorandum’ basis.
Please register/sign in to our online Member Self Service portal to obtain an estimated value. there you will also find information concerning the potential risks to consider. Peninsula Pensions provides information in accordance with statutory guidelines . For transfers out this is within 3 months of the request being received.
If your transfer value is £30,000 or more, you must take independent financial advice before we are able to transfer out your benefits to a defined contribution scheme. You should also note that a request to transfer out must be made at least a year before your normal pension age (which is 65) or a year before your state pension age, which ever is sooner. We recommend that you visit the Money Helper website, which is backed by government, and provides free guidance.
Please 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;-