Transfer Information

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Transferring your benefits to another pension scheme

This may be possible but you must first ask your current scheme’s administrators if they will accept a transfer value.  Regulations have recently changed whereby some schemes will only accept transfers if the member requests a transfer within 12 months of joining.  You may also transfer your pension to a personal pension or stakeholder pension.

If you are interested in transferring the value of your accrued pension rights to another occupational pension scheme (outside of Local Government), to a personal pension plan, to a stakeholder pension scheme or to a buy-out insurance policy you can ask for a transfer value quotation to be provided (known as the ‘cash equivalent’ transfer value).  Transfers can also take place to other Local Authority Funds, these are known as Interfund Transfers.

If a third party is requesting a CETV on your behalf their request must have your written authority enclosed.  Your authority must state your full name, national insurance number and signature.  Your authority must also have the name of the Cheshire Pension Fund clearly written on it.

A quotation will be issued to you once we have all the relevant documentation to provide a quotation.  The quote will be guaranteed for a period of three months from the date on which it was calculated (the ‘Guarantee Date’).  A written option to proceed with the guaranteed transfer value must be received within the three month guaranteed period in order for the original transfer value to stand.

Further information can be found on our scheme and member factsheets, found here:


Freedom and Choice

The Government introduced 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 reforms took effect from 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 do 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’. (Continue Reading —>)

The link below to the Pension Regulator provides details of how the Cheshire Pension Fund works in association with the Regulator, trustees and employers to protect the benefits you have built up.  It is a requirement that all occupational and personal pension schemes are registered.

The Pension Regulator

A Further Warning From The Pensions Regulator

The Pensions Regulator has updated it’s guidance on Pensions Liberation. A large number of Companies are singling out pension savers and claiming that they can help them access their pension cash early.

With demand for early access to pension savings on the increase, there is clear evidence that more members of the public are being duped into transferring their funds to rogue pension arrangements.

Pension liberation, also known as ‘pension loans’ and ‘pension scams’, is the transfer of a member’s pension savings to an arrangement that will allow them to access their funds before they are entitled to receive them. This activity can be fraudulent where members are not informed, or are misled, about the consequences of these schemes and can result in a massive tax charge to the unsuspecting member.

To help you, The Pensions Regulator has updated its guidance to include a booklet and a video on the dangers of Pension Liberation and how to spot some of the warning signs.

Pension Scam Booklet (PDF 1.4MB)

Pension Scam Video (links to external site)