You may transfer your pension rights to another scheme if you have 3 months or more membership.
However you cannot transfer your benefits (other than AVCs) if you leave less than one year before your Normal Pension Age. An option to transfer (other than in respect of AVCs) must be made at least 12 months before your Normal Pension Age.
In order to arrange the transfer, you will need to let your new pension provider know that you have pension rights with the Nottinghamshire Local Government Pension Fund. It is not compulsory to transfer your benefits to any new scheme and it may not always be in your best interests to do so.
If you are unsure, you should seek independent financial advice.
If you are transferring to an arrangement which is termed as offering ‘flexible benefits’ (i.e. those benefits which are part of a defined contribution scheme which are flexible) then you are advised to take appropriate independent financial advice before transferring. This is a legal requirement if the cash equivalent transfer value of all your benefits in the LGPS (excluding any Additional Voluntary Contributions (AVCs)) is more than £30,000. You would have to pay for this advice yourself.
If you have other benefits within the LGPS, there are some restrictions limiting whether benefits may be transferred to your new scheme. We will let you know if any of these apply in your circumstance.
Further information can also be found on the LGPS Member website
To help you understand your choices, and to access information on transferring your defined benefits out of the LGPS, please visit Money Helper the government's free and impartial service.
Video - Transferring your LGPS benefits
This video explains transferring an LGPS pension to a defined contribution scheme, when to seek financial advice, the possible risks and pension scams. For subtitles select ‘CC’ (closed captions).
Transferring to an overseas pension fund
It is possible to transfer the cash equivalent of your pension benefits into an overseas arrangement providing that scheme meets specific HM Revenue & Customs conditions.
The Financial Conduct Authority has been contacted "about overseas advisory firms advising expatriates to transfer or switch their UK pensions into a self-invested personal pension (SIPP) – often one marketed as an ‘international SIPP’".
They have issued a warning on their website and confirm that members should contact Money Helper for impartial guidance before taking any action.
