Provided the Scheme administrators receive your application within 12 months of joining the Combined Pension Scheme, or the administrators receive the transfer payment before 31 March 2017, you may be able to transfer benefits from a previous pension arrangement(s) to the Scheme. Remember your previous scheme may have time limits which may prevent you transferring benefits from them (particularly if you may be due a refund of your contributions) and you should check the position to avoid disappointment.
You should complete a request form to transfer from a previous scheme, which provides us with all the necessary details about your previous pension arrangement(s). Asking for information about a transfer of benefits from a previous scheme does not commit you to transferring those benefits. At this stage you are merely expressing an interest in transferring your benefits so that we can obtain the necessary information.
The CPS Scheme Administrators will ask your former scheme for the details about the transfer value payment they would pay to the Combined Pension Scheme. We will calculate and notify you of how much service would be credited for you in the Combined Pension Scheme in exchange for the transfer value from your former scheme. The service credit is calculated using factors provided by our scheme actuary.
It will be your choice whether you want to transfer your former benefits into the Combined Pension Scheme. We cannot advise you whether to transfer your previous pension arrangement(s) into the Combined Pension Scheme. If you need advice you should consult a Financial Adviser.
We will provide you with details of the amount of service which can be purchased in the Combined Pension Scheme, together with a calculation based on your current salary showing the level of additional benefits such a transfer would buy in the Scheme to assist you and if necessary your financial adviser with the decision on whether to transfer the benefits into the United Kingdom Atomic Energy Authority Scheme or leave them in the previous arrangement(s).
Depending on your previous pension arrangement(s), and other factors such as your salary and retirement age in your previous scheme, it may well be that you will not be credited with exactly the same number of years of service in the Combined Pension Scheme as under your previous pension arrangement(s).
It is important to note that should you transfer in benefits from a Stakeholder or personal pension arrangement, you will not be able to have a refund of the contributions should you leave employment with less than two years qualifying sevice.
For further information see the leaflet “Transferring Your Pension Benefits to the CPS” If after reading the leaflet you require further information, please contact your Employee Representative, or for United Kingdom Atomic Energy Authority employees only the Scheme administrators.
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