What if I want to transfer my pension?
You can transfer the cash equivalent of your SCPF benefits to another Registered Pension Scheme, such as that run by your new employer, or to a personal pension, up to one year before Pension Age.
How is the transfer amount calculated?
How is the transfer amount calculated?
The Cash Equivalent Transfer Value (CETV) represents the value of your benefits based on actuarial assumptions. It will not buy exactly the same benefits in another scheme. Before transferring it is recommended that you take independent financial advice. Further details are given in the Transfers Out of the SCPF factsheet.
Can I retire and then transfer afterwards?
Can I retire and then transfer afterwards?
No, once you are taking your pension, your benefits cannot be transferred.
What is the latest I can transfer my deferred benefits?
What is the latest I can transfer my deferred benefits?
You can elect to transfer your benefits anytime up to one year before Pension Age.
Is there any reason I might not be able to transfer?
Is there any reason I might not be able to transfer?
If the transfer value is more than £30,000 and you wish to transfer you will need to take independent advice about transferring your benefits out of the SCPF from an adviser who is authorised by the Financial Conduct Authority. If you do not get advice the transfer cannot take place.
In the Pension Schemes Act 2021 (PSA21), the Government modified the statutory transfer legislation to enable schemes to reject transfer requests where certain conditions are not met. You can find out more about these conditions at Money Helper.
It is advisable to contact your new scheme first before requesting a quotation from the Pensions Administration Team.
What if I have paid Additional Voluntary Contributions (AVCs)?
What if I have paid Additional Voluntary Contributions (AVCs)?
If you have paid AVCs, your AVC fund can be transferred at the same time as your SCPF pension or on its own.
