If you have paid into another workplace pension scheme, you may be able to transfer your previous pension rights into the LGPS.
Time restrictions
Transfers are subject to time restrictions. You have only 12 months from joining the LGPS to transfer your previous pension rights, unless your employer allows you longer. This is an employer discretion. You can ask your employer what their policy is on this matter.
Process
If you opt to transfer pension rights from another workplace pension scheme, a sum of money called a transfer value is offered to buy extra pension in the LGPS.
Any request you make to investigate a transfer is not binding until you have been supplied with full details and confirm that you wish the transfer to go ahead. Transfer quotations provided by a former pension provider are guaranteed for 3 months.
Under the regulations we may decline to accept a transfer from another workplace pension scheme.
Find out about the process of transferring in pension rights
Making your decision
Carefully consider whether to transfer or not, as a transfer may not always be advantageous. Compare the quotation of the value of extra benefits in the LGPS against the value of the package of benefits if left with your previous pension scheme provider. Transfers from public sector schemes usually give broadly equivalent benefits in the LGPS, provided you apply for the transfer within 12 months of joining the LGPS.
Transferring your pension rights is not always an easy decision to make, and you may wish to seek the help of an independent financial adviser. A list of independent financial advisers is available from the Financial Conduct Authority website.
If you transfer in previous pension rights from a workplace pension scheme and you leave the LGPS within 2 years, you may receive a refund of your LGPS contributions and the contributions which you transferred into the scheme.