Transferring deferred Civil Service pension - possible or not??

Toots111

Hi,
Can anybody please give me a definite answer as to whether I can transfer my deferred civil service pension?
Three IFA's I've recently spoken to have said the government does not allow this to happen, due to the pension being unfunded, and also due to the fact that it would cost the Chancellor too much if lots of people decided to transfer out.
However, after finally getting through to MyCSP today, (after too many attempts to count - they are hopeless!!), a manager there told me that she 'didn't believe' this to be the case at all. I said I needed a definite answer, but she wouldn't commit. She said she would put in a request for me to have all the relevant info relating to transferring my pension sent out to me within 10 working days. I asked her if the new pension rule changes in April might hinder me/change things, but she said she 'wasn't aware' of that.
Does anybody know for sure whether the government has /has not prevented civil service pensions from being transferred please?? I don't trust MyCSP at all.

Many thanks,
Toots.

xylophone

You can request a transfer value from MyCSP - be aware that any receiving scheme will almost certainly require you to have taken advice from an IFA qualified in pension transfers.

That said, https://forums.moneysavingexpert.com/discussion/5053691 see post 11.

However, the Civil Service Scheme is an "unfunded" public service DB scheme and it would seem that the government will ban transfers out of such schemes from 6 4 15.

See http://www.nhsbsa.nhs.uk/Pensions/4210.aspx another unfunded public service DB scheme.

See also https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/364886/pension-schemes-bill-2014-to-2015.pdf page 7

hyubh

Toots111 wrote: »

Can anybody please give me a definite answer as to whether I can transfer my deferred civil service pension?
Three IFA's I've recently spoken to have said the government does not allow this to happen

Not quite. From April there will be a ban on transferring out of an unfunded public sector scheme, like the PCSPS, to a DC arrangement. You will still be able to transfer out to another DB scheme were you to get another job where one applies, which in practical terms would mean either another public sector scheme or the USS.

The legislation for the ban hasn't yet been enacted - it's this:

http://services.parliament.uk/bills/2014-15/pensionschemes.html

The relevant part in the draft bill is here:

http://www.publications.parliament.uk/pa/bills/lbill/2014-2015/0090/lbill_2014-20150090_en_5.htm#pt4-ch4-pb2-l1g68

Toots111

Many thanks for the replies. It seems that if I were to put a transfer application in before 6/4/15, it would be honoured, even if it hadn't been concluded, but that there would be no way to request a transfer after this date?
Wouldn't you think that MyCSP would know all about this?? They seem to know nothing, which means that their advice/information is useless at best, and downright very misleading at worst. If I hadn't enquired on here and just taken them at their word, I could have left it until after April to start the ball rolling!!
(I'm new on here and having great difficulty in finding my way around; I thought that if I looked under 'User CP', I'd be able to find my post and any replies, but it just said I had no subscribed threads. It's taken me forever to try and find my post again and read the replies. Any tips on what I should be doing to find my own thread please?).
Many thanks,
Toots.

kidmugsy

I don't understand how the forum is meant to work so I just bookmark any thread that seems likely to be of lasting value to me.

Dunnit

Toots111 wrote: »

Many thanks for the replies. It seems that if I were to put a transfer application in before 6/4/15, it would be honoured, even if it hadn't been concluded, but that there would be no way to request a transfer after this date?
Wouldn't you think that MyCSP would know all about this?? They seem to know nothing, which means that their advice/information is useless at best, and downright very misleading at worst. If I hadn't enquired on here and just taken them at their word, I could have left it until after April to start the ball rolling!!
(I'm new on here and having great difficulty in finding my way around; I thought that if I looked under 'User CP', I'd be able to find my post and any replies, but it just said I had no subscribed threads. It's taken me forever to try and find my post again and read the replies. Any tips on what I should be doing to find my own thread please?).
Many thanks,
Toots.

MyCSP cannot give you advice. The prospective laws we are discussing are as yet not passed. A quick check round this forum will show that all the pension providers have acted in a similar fashion with regards to what and what will not be passed and what they will offer post April. This is despite the 3 major parties all broadly supporting the changes.

jem16

Toots111 wrote: »

(I'm new on here and having great difficulty in finding my way around; I thought that if I looked under 'User CP', I'd be able to find my post and any replies, but it just said I had no subscribed threads. It's taken me forever to try and find my post again and read the replies. Any tips on what I should be doing to find my own thread please?).

That would work if you have subscribed to your own threads.

Easiest thing to do is go into User CP, then click Edit Options under the Settings & Options section, then under the Messaging & Notifications section change the default thread subscription mode to Instant email notification or no email notification. You will probably find it's set to do not subscribe.

CathA

Just to add, I asked Capita (the people dealing with civil service pensions before them being transferred to MyCSP in September) if I could transfer mine and the answer then (in September/October) was yes, although I didn't do it in the end. As you've been told, any receiving scheme would need an IFA sign off. My friend is in the process of trying to transfer her CS pension and she was told by MyCSP she could, but by Defence Business Service she couldn't!! Bless 'em!!

atush

I guess the main question is, if you can transfer it, why would you want to?

Toots111

Hi, thanks for your help. I've done as you suggested, changed the option to 'instant email message' instead of 'not subscribed', then saved my changes. I then went back in to 'User CP' afresh, but it's still saying there are no subscribed threads in the folder?? I'm not the best with technology, and have not used a forum like this before, but I didn't expect to struggle like this. I must be more useless than I thought!! I'm afraid that at some point, I'm not going to be able to find my own thread, so won't know whether I have any replies etc. HELP??!!

Toots111

Hi,
I don't know whether I will or not as yet. Just looking into it at the moment. I realise that the scheme I'm in is a very good one and hard to match, but there's only so much lump sum I can take from it, whereas if I transfer it, I understand I can take all of it as a lump sum, or take a larger percentage lump sum. Personal circumstances are leading me to consider it; sorry I can't be more specific.