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Transferring Benefits

If you are interested in transferring the value of your LGPS pension 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’).

 

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 it is recommended that you take 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 Pensions Advisory service.  The Pension Regulator's website also has information on how to spot a pension scam The Pensions Regulator - dangers of pensions scams

 

If you are interested in this transferring your LGPS benefits, 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 that would be available in your new pension scheme if you decided to go ahead with the transfer.  

 

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 to see if this applies. 

 

If you decide to transfer out of the Local Government Pension Scheme any ‘in house’ Additional Voluntary Contributions (AVC) fund can also be transferred at that time. The transfer value of the AVC fund is determined by the AVC provider.   You should ask for more information from your AVC provider before a decision to transfer is made.

 

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

 

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