If you leave the North Yorkshire Pension Fund and do not take your benefits straight away, you can transfer it. You may be able to transfer into a new employer’s pension scheme, another pension arrangement or an overseas pension scheme that meets HM Revenue and Customs conditions. You cannot transfer your benefits if you leave with less than 3 months membership or (other than in respect of Additional Voluntary Contributions) if you leave less than one year before your Normal Pension Age (NPA).
With any transfer out of the scheme we need to be sure that you are transferring to a trusted scheme so we carry out checks throughout the transfer process. If as a result of our checks there are ‘flag warnings’ then we will need to carry out further checks. If you wish to transfer your benefits to a scheme that allows you to access your benefits flexibly and the value of the transfer value is more than £30,000 you are required to take independent financial advice. We will ask you to confirm that you have received this advice before we transfer your benefits.
It is important to be aware of scam pension schemes, information on how to spot a pension scam can be found in the Scams section of the website.
If you are interested in a transfer you will need to contact your new pension provider to start the process.
The LGPS Member website offers further information on transferring your LGPS pension.