Time Limits on Transferring Pensions

LeeBry

Hi

Wondering if other people have been caught out on this. I was paying into Local Govt Pension Scheme (LGPS) and then switched employment to NHS and their scheme.

I found out by accident that I could transfer my LGPS to the NHS Pension scheme. Alas I was unable to do this as there is a time-limit of a year of joining the scheme. Similarly, I tried to transfer a small private pension into the LGPS and was told the same.

Given the push to make pensions more accessible and flexible this all seems very old school and restrictive. I have been trying to get an answer as to why such a regulation/restriction is in place - no answer so far. With any other form of saving I could take my money elsewhere and switch - why not pensions?

Anybody else fell victim to this?

Silvertabby

No victimisation here - the 12 month time limit has been the case for many years, and is clearly mentioned in the LGPS scheme literature (and, I expect, the NHS's).

Just curious but, having been having previously found out that the time limit for transferring into the LGPS was 12 months, why didn't you ask the NHS if they had similar rules when you left the LGPS for the NHS?

dunstonh

Given the push to make pensions more accessible

The 2015 changes only enhanced options that already existed. And they applied to money purchase schemes and not DB schemes.

With any other form of saving I could take my money elsewhere and switch - why not pensions?

You have Gold plated Govt backed schemes which cost the taxpayer a very large amount. Your pensions are better than the DC pensions that most others have.