You may be able to transfer previous pension benefits into the Local Government Pension Scheme (LGPS). What this would mean for you depends on what type of scheme you were a member of.
Previous LGPS benefits in England or Wales
If you re-join the LGPS and have a deferred benefit from a previous period of LGPS service, either with the North Yorkshire Pension Fund (NYPF) or another LGPS fund, your benefits could be joined together. Different rules apply depending on what type of LGPS benefits you have, when you left the LGPS and how long you were a member.
If you re-join the LGPS and have a previous period of LGPS membership with only an entitlement to a refund of contributions, this must be linked to your new pension account with the NYPF.
You cannot join an LGPS pension that is in payment or a pension credit with an active pension account. You will have two separate sets of pension benefits in the LGPS.
Benefits in another public service pension scheme
Public service pension schemes include schemes for civil servants, the armed forces, teachers, health service workers, fire and rescue workers and the police force.
If you were previously a member of one of these schemes, you may be able to transfer under the Club transfer rules. These apply if you have not had a break in membership of a public service pension scheme of more than five years. Club transfer rules will not apply if you request a transfer more than a year after you join the LGPS.
You have 12 months from joining the LGPS to opt to transfer your previous pension rights, unless your employer extends the time limit. You can ask your employer what their policy is on late transfers.
If you transfer your pension under Club rules, the amount of extra pension which is added to your pension account will closely match the amount of pension you had built up in your pension account with your previous pension scheme.
Transfers from non LGPS or non-public service schemes
If you opt to transfer pension rights from another pension scheme then a sum of money called a transfer value is offered to buy an amount of extra pension which is added to your pension account with the NYPF.
You have 12 months from joining the LGPS to opt to transfer your previous pension rights, unless your employer extends the time limit. You can ask your employer what their policy is on late transfers.
What do I need to do?
- Transferring in previous LGPS benefits
If you have previous membership of the LGPS we will automatically investigate the possible transfer on your behalf, as long as you have advised us of your previous membership on the starter form that you will receive when you join the NYPF. If you want to investigate a transfer from the Scottish LGPS you will need to contact your previous fund in the first instance.
- Transferring in previous non LGPS benefits
Please contact your previous pension provider. If you have more than one previous provider you will need to contact each one separately. You can ask them to either send the information directly to the NYPF or send it to you to forward on.