I need to transfer my frozen pension contributions

Desertstormer

I'd certainly be happy to give it a try. I'll give them a ring tomorrow and see if there's anything they can offer.

Silvertabby

Silvertabby – apologies, but I neglected to say that the local authority is in Scotland, where I live and the dates of LGPS membership were May 2010 – August 2011. According to my 2011 benefit statement which the council sent me, the provider is the LGPS (and not the SPPA). It may be possible that Scottish pension rules differed from the England and Wales pension rules at that time.

Xylophone - Regarding my State Pensions statement, I checked this last month and have 41 full years of contributions and 3 years ‘not full’ as expected, because I left paid employment in 2015 and have not been employed since. Like many others I was contracted out of SERPS therefore my weekly pension forecast is £131.89 rising to £164.35 providing I continue to make contributions until state retirement age. If I were to request a return of contributions from the LGPS, then I could make a voluntary contribution of NI to increase my ‘full years’ to 42, but of how much benefit this would be at state retirement age, I don’t know.


Posted by Desertstormer

Ah, yes - Scottish rules are different. Sorry, but looks like a refund (of your own contributions minus tax and NI rebate) may be your only option.

Don't be too quick to pay missing NI for your LGPS period. If you take the refund, then the LGPS will pay back your NI rebate to DWP, making this period contracted in rather than contracted out.

[Deleted User]

Desertstormer,
I suggest you contact AJBELL with reference transfer, and then compare with other providers re charges, fees etc.
Regards,
mrwmartin

Desertstormer

Yes, Silvertabby, that's an excellent point you raise about the refund. I'll certainly take that on board! Thank you.

Desertstormer

Mr W Martin - Suggestion gratefully received. I'll give any pension company a try at this stage, but I don't think there's many out there willing to accept a transfer!

[Deleted User]

Desertstormer,
I have personal experience of AJBELL accepting a transfer in almost identical circumstances, which is the reason for my suggestion. You are correct to seek options, re defer, transfer etc, before making a decision best suited to your circumstances.
Regards, mrwmartin

moonjellyfish

I transferred a DB pension with CETV of 12k to a Hargreaves Lansdown SIPP last year. No financial advice required, I just had to sign to say I understood what I was giving up.

Desertstormer

That’s really good to know. I’ll approach them too.

Desertstormer

Thanks. That’s two providers who others have had success with. This is enormously helpful.