Transferring Your AVCs

If you paid into an AVC plan with Standard Life or Prudential while you were an active member, you can transfer these separately from your main LGPS pension.

You have the option to transfer your AVC fund to another registered pension arrangement, such as your new workplace pension or a personal pension
HMRC must approve the receiving scheme and be willing to accept the transfer
To begin the process, contact the AVC provider (Standard Life or Prudential) directly. They will guide you through the options and liaise with LPF if needed.

Transferring Your Full Deferred Benefits

You may request to transfer all your deferred LGPS benefits to another registered pension scheme.

Transfers can only be made if you are not within 12 months of your Normal Pension Age (NPA)
Once completed, you will give up all pension rights with LPF
Transfers are only allowed to HMRC-approved schemes, and for transfers above £30,000 (to a scheme outside the Public Sector Transfer Club), you must obtain independent financial advice before proceeding.

Beware of pension scams

Should you decide to transfer your benefits, you should be aware of potential pension scams. Educating yourself and remaining vigilant are key to minimising the risk posed by pensions scams. Listed here is a summary of the Financial Conduct Authority's (FCA) four key steps to protect your pension:

Step 1

Step 2

Step 3

Step 4

Step 1 – Reject unexpected offers

Scammers are often unknown contacts who will attempt to gain your trust through false claims. They will likely claim to be authorised by the FCA and will present you with unsolicited, attractive investment opportunities in an attempt to gain control of your pension pot. In other circumstance the money may be stolen outright. If an offer seems too good to be true, it likely is just that.

Step 2 – Check who you're dealing with

Remember that it isn’t usually possible to cash in your pension before the age of 55, except in cases of ill-health or where you have a protected retirement age that is below 55. Equally, you should be wary of offers for “free” pension reviews, “guaranteed” returns on pension investments or complicated, long term investments plans. FCA regulated advisors would never offer such services and opportunities. If you’re concerned about a potential scam you should report your suspicions to Action Fraud or the Financial Conduct Authority.

Step 3 – Don't be rushed or pressured

High pressure sales tactics are a common sign of a pensions scam. You should be wary of time limited offers to get the “best deal”. Be wary of promised returns that sound too good to be true and don’t be rushed or pressured into making a decision.

Step 4 – Get impartial information or advice

If you are deciding to transfer your benefits, consider consultation with the Pensions Advisory Service or an FCA regulated advisor before doing so. Those over 50 with a defined contribution pension, should consider booking an appointment with Pension Wise.