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Transferring out benefits

If you are no longer a member of the Police Pension Scheme 2015 (PPS 2015) you may transfer your PPS 2015 rights to:

  1. another public sector pension scheme, or
  2. a pension scheme which is registered with HM Revenue and Customs, or
  3. a qualifying recognised overseas pension scheme.

If you are opting out of the PPS 2015 while staying in the police, only the second option is open to you.

You cannot transfer your police pension rights to a defined contribution scheme, such as a money purchase scheme.

There are various issues to consider before making a transfer:

  • there are time limits which apply for transfer payments, for example, 12 months from the date you leave for transfers to a public sector scheme – these time limits may be extended by Kent Police Authority at their discretion. For further information about time limits please contact us
  • you are not entitled to a deferred pension from the PPS 2015 if you received a refund of contributions - a transfer will be possible only if you repay the refund first; you will not be able to have a transfer if you are within a year of reaching your state pension age
  • the transfer value may not necessarily buy the same length of service in the new scheme - an estimate from the new scheme should provide an indication
  • the range and type of benefits offered by another scheme may be quite different from those offered by the PPS 2015.

You may wish to consult an independent financial advisor (IFA) before making any decisions about transferring out your benefits. A list of IFAs can be found on the Financial Conduct Authority website.

For further information about transferring out your pension benefits please contact us.

Pension liberation

Pension liberation is a transfer of a scheme member's pension rights to a pension arrangement that promises early access to their funds. These arrangements often incur substantial costs to the scheme member.

We are aware that certain companies are enticing the public with spam text messages, cold calls or website promotions into transferring their pension rights with the promise of being able to release a portion as cash before the age of 55.

Accessing your pension before age 55 can result in an 'unauthorised payment', which can lead to significant tax charges and penalties. On top of the administrative fees, total charges can amount to more than half of the amount transferred.

The Pensions Regulator has worked with other agencies to produce information illustrating the threat to people's pensions and you should read this information carefully before deciding to transfer your pension rights. You can find further information on The Pensions Regulator website.