Transferring Out

You can transfer your LPF pension to another scheme if you’ve left the LGPS (or opted out), and you’re not within 12 months of your Normal Pension Age.

Your transfer options are:

To another Public Sector Transfer Club scheme (Civil Service, NHS, Police, Fire, etc.): Contact your new scheme to start the process
To a scheme outside the Club: Log in to My Pension Online and select Transfer Value. Enter your new scheme details and follow the on-screen steps.

What happens next

We check the new scheme to protect you from pension scams
We send you and your new provider transfer value and discharge forms (within 30 days if we have all the details). The quote is valid for three months
Your new scheme will tell you what this amount buys in their scheme
If you decide to go ahead, return your completed discharge forms to us and confirm with your new provider
Once the payment is made, you’ll have no pension rights with LPF.

Advice for transfers over £30,000

If you’re transferring to a scheme outside the Public Sector Transfer Club and your benefits are worth more than £30,000, you must get independent, impartial financial advice. You can find advisers at Unbiased.co.uk – make sure they understand the LGPS.

Beware of pension scams

Should you decide to transfer your benefits, 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've decided 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.