Transfers out
At a glance
If you have a deferred 1987 pension, you can choose to move your benefits out of the 1987 scheme and put them into another pension arrangement. You should consider this carefully as you may not get the same value in the new arrangement.
You are in the
1987 scheme
Your options
Transferring benefits
You can choose to transfer out your benefits from the 1987 scheme to a different pension arrangement.
Transfers can be made to:
- Another public sector pension scheme
- Any other pension scheme which is registered with HM Revenue and Customs (which can include a personal pension plan)
- A qualifying recognised overseas pension scheme
All schemes have their own criteria for accepting transfers from the police pension scheme.
Although you may change employers whilst remaining a police officer, the British transport police, the civil nuclear constabulary and the ministry of defence police do not offer the police pension scheme.
The civil nuclear constabulary and the ministry of defence offer the civil service scheme and you may be able to transfer benefits in on favourable terms within one year of joining. But the age at which you can take benefits may be different.
The British transport police is a section of the railway pension scheme. A transfer out to this scheme is not a year for year service transfer and will convert the transfer value to an amount of pension.
Your new employer will be able to advise you of their pension arrangements.
Important considerations
Think about your choices
Before transferring you should carefully check that this is the right decision for you. Think about:
- The timing of the transfer – some transfers need to be made within 12 months of joining a new scheme
- You cannot transfer if you are age 59 or over
- You may not receive the equivalent value of benefits in the new scheme
- There may be differences between the schemes, especially when you can take benefits and how they are calculated