Bedfordshire Pension Fund Website

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Transferring Benefits

If you are interested in transferring the value of your accrued pension rights to another occupational pension scheme, a personal pension, a stakeholder pension scheme, a buy-out insurance policy or a Qualified Recognised Overseas Pension Scheme, you can ask for a transfer value quotation to be provided (known as the ‘cash equivalent transfer value’).

 

If you are interested in this option, you will need to let your new pension scheme administrators or your financial advisor know of your intentions. They will then need to write to the address shown below and include your authorisation to release information.  

 

Bedfordshire Pension Fund will then issue a transfer value quote and we would expect your new scheme administrator or financial advisor to inform you of the potential benefits available in your new arrangement should the transfer proceed. 

 

A transfer can normally be made up to one year before your normal pension age.  Please note that some pension schemes have time limits for accepting transfers and you should check with your current provider if this applies. 

 

If you decide to transfer out of the Local Government Pension Scheme any ‘in house’ AVC fund must also be transferred at that time. The transfer value of the AVC fund is determined by the AVC provider.  Further details should be sought from your AVC provider before a decision to transfer is made.

 

Transferring pension rights from a defined benefit scheme, such as the LGPS, to a defined contribution scheme is a decision that should not be taken lightly and you may wish to obtain independent financial advice before you make a decision to transfer your preserved benefits.  More information and some points to consider can be found on the website for the The Pensions Advisory Service by clicking here

 

Transfer values are calculated in accordance with the terms and conditions of the Local Government Pension Scheme Regulations 2014 which comply with requirements of the Pensions Schemes Act 1993.    

 

Requests for transfers should be sent to Bedfordshire Pension Fund, Borough Hall, Cauldwell Street, Bedford, MK42 9AP.