Transferring Pension Funds

You may want to transfer your pension to a scheme run by your new employer. If you want to do this, discuss it with your new employer. You can apply to transfer out your benefits at any age provided you have not started the administrative process of claiming your pension.

Alternatively, you can transfer your PCSPS(NI) benefits into a personal pension or stakeholder pension.

In considering if and when to apply for a transfer of pension benefits, you should be aware that transfers can take a long time to complete, sometimes upwards of a year.

If you have less than two years’ service when you leave, you will lose all rights to a classic, classic plus & premium pension unless you have transferred rights in from a personal pension. We will pay to put you into the State scheme (the State Second Pension) instead.

Alternatively, you can ask for a transfer value to another scheme or to a personal or stakeholder pension. You must join your new scheme within 12 months of leaving classic and apply within 12 months of joining your new scheme.

You must apply to your new employer for a ‘Club’ transfer within 12 months of joining the scheme.

If you leave before pension age you can keep your partnership account fund and it will continue to earn investment returns. You can continue to put money into your fund but your employer contributions will stop.

You may want to transfer your fund to another provider or it may be possible to transfer it to your new employer’s pension scheme. Your new employer will let you know if they can accept a transfer and will need your providers details. You need to make sure you know what you are giving up and what you are getting in return.

If you would like more information contact theTransfers Section, you can find their number in the contact us section.