Can I transfer my deferred benefits out of the LGPS?

You can generally transfer your deferred benefits to any scheme which is prepared to accept the transfer. These can include your new employer’s scheme, a personal pension plan, a stakeholder pension scheme or a ‘buy-out’ insurance policy. It may even be possible to transfer to an overseas pension scheme.

You cannot transfer your benefits if you leave less than one year before age 65. The latest an option to transfer can be made is one year before age 65 or six months after leaving the scheme, if this is later.

How does a transfer out of the LGPS work?

We will work out the cash value of your deferred benefits and offer this to the new scheme. The new scheme will tell you what they will provide in return for the cash value. The benefits provided by the transfer may be different to those you enjoyed in the LGPS because each scheme varies. You may want to get independent financial advice when making a decision about whether or not to transfer.

Contact us and your new pension provider for details of how to transfer your pension rights.