Transfer out

Leaving the pension scheme? You may be able to transfer your benefits to another pension scheme.

Movement between police forces

If you move between police forces in England and Wales your pension entitlements will not change. Specifically:

• you will remain in the 2015 Scheme;
• the amount of accrued pension in the 2015 Scheme remains the same;

Outward transfer of your pension benefits

If you leave the police force or opt out of the 2015 Scheme before Normal Pension Age (NPA), you may have a choice of options for your benefits. Your choice will depend on the length of your Qualifying Service.

If your total Qualifying Service amounts to less than three months, then your contributions will be refunded.

If your total Qualifying Service amounts to three months or more but is less than two years, your choices are:

• a transfer out of your 2015 Scheme benefits to another pension scheme, or
• a refund of your contributions.

If you have two or more years’ Qualifying Service your choices are:

• a transfer out of your 2015 Scheme Benefits to another pension scheme, or
• retaining deferred benefits within the 2015 Scheme.

Transfers to other pension schemes

You may be able to transfer your 2015 Scheme benefits to:

• another public service pension scheme, or
• another pension scheme which is registered with HM Revenue and Customs.

The transfer payment will be in the form of a cash equivalent transfer value. The Government intends to restrict transfers from unfunded public service pension schemes (such as the police pension schemes) into Defined Contribution Pension Schemes and other flexible benefit arrangements from 6 April 2015.

There are a number of issues to consider before making a transfer:

• You should be aware that there may be time limits that apply (e.g. 12 months to transfer after joining a club scheme)

• If you receive a refund of contributions, you are not entitled to a Deferred Pension and a transfer-out will be possible only if you repay the refund of contributions first

• The transfer value may not necessarily buy the same amount of accrued pension in your new scheme – an estimate from your new scheme should provide an indication.

Your pensions administrator can provide an example of a transfer value calculation and more information about how 2015 Scheme arrangements work, but cannot give specific advice on individual cases.

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