Leaving before you retire
nuvos
What happens to my pension if I leave before I retire?
If you have more than two years’ service (or you have brought in a transfer payment from a personal pension), we will ‘preserve’ your nuvos pension. You can apply for your pension from age 55 but we will reduce it for early payment if we pay it before you are 65. If you apply after age 65 we will increase your pension because it is being paid late. You should write to Capita Hartshead to claim your pension about three months before you want it to come into payment.
Can I take my pension to my new employer’s scheme?
You may want to transfer your pension to a scheme run by your new employer. If you want to do this, you should discuss it with your new employer. Alternatively, you can transfer your Civil Service pension benefits into a personal pension or stakeholder pension. If you are transferring benefits on standard (non-Club) terms, you may transfer out your benefits at any age provided you have not started the administrative process of claiming your pension.
What if I have less than two years’ service when I leave?
If you have less than two years’ service when you leave, you will lose all rights to a nuvos pension unless you have transferred rights in from a personal pension. We will refund your contributions less tax and your share of any cost of putting you into the State scheme (the State Second Pension) instead.
Alternatively, provided you have at least 3 months’ service, you can ask for a transfer value to another scheme or to a personal or stakeholder pension. We will write to you explaining these options within two months of your last day.
What if my new employer is a member of the Public Sector Transfer Club?
You must apply to your new employer for a ‘Club’ transfer within 12 months of joining your new employment and being eligible to join the pension scheme. We publish a leaflet on the Public Sector Transfer Club[PDF].
