If you are interested in transferring the value of your LGPS pension to another pension scheme, you can ask for a transfer value quote (known as a ‘cash equivalent transfer value’).

 

If you have paid into the LGPS for less than two years, you will usually have to choose to transfer your pension within one year of leaving the LGPS.  After that time there is no entitlement to a transfer.

 

Transferring pension rights from the LGPS is a decision that should not be taken lightly and it is recommended that you take independent financial advice before you decide to transfer your benefits. The national website for LGPS members has a short video about transferring your pension.

 

More information and some points to consider can be found on the MoneyHelper website.  The Pension Regulator's website also has information on how to spot a pension scam The Pensions Regulator - avoid pensions scams

 

If you are interested in transferring your LGPS benefits, you will need to let your new pension scheme or your financial advisor know. 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.  We would expect your new pension scheme or financial advisor to let your know about the potential benefits that would be available in your new pension scheme if you decided to go ahead with the transfer.  

 

If you paid into the LGPS for more than two years, a transfer can normally be made up to one year before your normal pension age.  You may want to check with us what your normal pension age is.  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 LGPS, 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.  You can also email pensiontransfers@bedford.gov.uk but we may need to ask you for original documents to be able to process a transfer.