Transferring previous pensions
Transferring pension funds
This section provides information on transferring pension funds into the
following schemes:
nuvos
I have a pension from another
employer. Can I bring this into the scheme?
Your pension administrator will ask your previous pension scheme for a
‘transfer value’ quote. Your pension administrator will then give you an
estimate of the pension that this will buy in nuvos. We can only accept
transfer values if your previous scheme gives us certain promises about
technical matters concerning pension scheme rules in the past. If your
previous scheme will not give us the promises we need, we cannot accept a
transfer value. If you wish to proceed with a transfer, you must apply
within 12 months of joining nuvos (or 12 months of being
eligible to join nuvos for a "Club" transfer -
see below).
My previous employer’s scheme is in the Public
Sector Transfer Club. What does this mean?
The Public Sector Transfer Club helps people move from one employer to
another, mainly in the public sector. In particular, Club members offer
beneficial transfer terms to each other. If you bring a Club transfer into
nuvos, it will continue to provide “final salary” type
benefits.
If you want to bring in a transfer from a scheme in the Public Sector
Transfer Club, you must do this within 12 months of being eligible to join
nuvos. Talk to your pension administrator to find out
more.
I have a frozen pension from when I worked
in the Civil Service before. What happens to that?
You can either leave your earlier pension preserved (frozen) or you can
link (join up) your earlier period of service with your new service in
nuvos for a single pension when you next leave the scheme.
If you leave your pension preserved, we will continue to increase it in
line with increases in the Retail Prices Index (RPI). If you choose to link
your earlier service, it will continue to provide “final salary” type
benefits with a pension age of 60, but you will not be able to draw those
benefits before the rest of your nuvos benefits (unless
you qualify for
partial retirement)
If you want to bring in benefits from a personal or stakeholder pension,
you must apply within one year of joining the Civil Service pension
arrangements. You must certify that the pensions was not an additional
voluntary contribution (AVC) or free standing additional voluntary
contribution (FSAVC) before 6 April 2006.
Partnership
Can I transfer my pension with a former employer to a partnership pension
account?
Possibly. Speak to your partnership provider to find out
more.
