Your benefits can be transferred out of the Cheshire Pension Fund at any time after you leave providing that your new employer or pension provider is willing to accept the transfer value.
You should check that your new pension provider will accept transfers and that you are within any time limits they may apply before you request a transfer out of the Cheshire Pension Fund.
If you have less than two years membership at the date you leave and after one year you decide not to transfer your benefits, you will receive a refund of your contributions (plus interest).
The Government’s announcement in the 2014 Budget that reforms to workplace pensions would be made to offer greater flexibility (‘Freedom and Choice’ ) in the way individuals aged 55 and over can access any Defined Contribution (DC) pension savings they may have. These changes became effective on 6 April 2015.
It’s important that as a member of the Local Government Pension Scheme (LGPS) you understand that you are a member of a public sector Defined Benefit (DB) scheme and therefore the flexibilities being introduced under ‘Freedom and Choice’ do not impact on how you can take your Defined Benefits from the LGPS.
There are, however, some indirect changes which will impact upon any members of the LGPS who are considering transferring the value of their accrued LGPS Defined Benefit pension rights from the LGPS to a DC arrangement offering ‘flexible benefits’.
The attached questions and answers are aimed to help you understand the changes.