Transfers out
At a glance
If you have a deferred 2006 pension, you can choose to move your benefits out of the 2006 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
2006 scheme
Your options
Transferring benefits
You can choose to transfer out your benefits from the 2006 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
Although you may change employers whilst remaining a police officer, the British transport police, the civil nuclear constabulary and ministry of defence do not offer the police pension scheme.
The civil nuclear constabulary and 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 there may be differences in the benefits from the scheme and the age at which you can take them.
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 – you need to apply for a transfer within six months of leaving the police
- You cannot transfer if you are age 64 or over
- You may not receive the equivalent value of benefits in the new scheme
- The other scheme may have a different benefit structure and different age at which benefits can be taken
The timescales may be different depending on what type of scheme you are transferring into.