Is it possible to transfer out of a Civil Service Pension accrued between 1987 and 1995?

Underconstruction

With my 55th birthday just a few months away, I find myself in the slightly unusual position of having zero equity, yet two pensions collectively worth £8K / annum from age 60 and a SIPP worth 500k, which I intend to sensibly draw down from next year. This has historically grown by an average of 7% over the past seven years, so even allowing for inflation, I would still be heading in the right direction with it. I still work and will continue to do so, but the prospect of (for instance) a 2% withdrawal of 10k per year, would make a huge difference to my quality of life and allow me to do some of the things which I haven't been able to do in recent years and could still do at 55, but not perhaps 65 or 75!.
One of the considerations, is to explore the possibility of transferring out of Civil Service and Post Office schemes, if that is still possible and the gilt situation means that the CETV values might be favourable. The collective value of my total pot, would then allow me to take 25% tax-free and purchase a small property, forgoing the need to rent?
Does anyone know whether either scheme still offers a transfer out option and have any idea of the likely sum on offer, or the CETV ratios which might have been given to others?
Having to remain in the scheme wouldn't be the end of the world, but given the cost of rental, it does rather feel like wasted money.
I'm fortunate to be healthy and to at least have some security, whatever I can or cannot do, but any advice would be appreciated.

westv

You can't transfer out of the CSPS.

Brynsam

westv wrote: »

You can't transfer out of the CSPS.

You can, but only to another defined benefit scheme.

OP, instead of asking here, look at the relevant website and/or contact those responsible for administering the scheme in question.

Andy_L

westv wrote: »

You can't transfer out of the CSPS.

Not quite true. You can't transfer it out to a private pension (and so do draw down with it) but you can transfer it to another DB pension scheme (that may have to be another public sector scheme but I'm not certain).

Theoretically you could get a job with Local Government, transfer the pension and then, because the LGPS is a funded scheme, transfer that to a private pension but its an awful lot of faff

Underconstruction

I'm very late to the party here, but any idea about the Royal Mail/Post Office scheme which i contributed to between 1995-2001?

westv

Andy_L wrote: »

Not quite true. You can't transfer it out to a private pension (and so do draw down with it) but you can transfer it to another DB pension scheme (that may have to be another public sector scheme but I'm not certain).

Theoretically you could get a job with Local Government, transfer the pension and then, because the LGPS is a funded scheme, transfer that to a private pension but its an awful lot of faff

As far as I can see the OP doesn't want to transfer to another DB scheme so not really relevant here.

Silvertabby

“ Not quite true. You can't transfer it out to a private pension (and so do draw down with it) but you can transfer it to another DB pension scheme (that may have to be another public sector scheme but I'm not certain).

Theoretically you could get a job with Local Government, transfer the pension and then, because the LGPS is a funded scheme, transfer that to a private pension but its an awful lot of faff
Originally posted by Andy L

westv wrote: »

As far as I can see the OP doesn't want to transfer to another DB scheme so not really relevant here.

I think what Andy means is that if OP got a job in Local Government he could transfer his CS benefits to the LGPS, opt out/leave, and then transfer the whole lot to a private pension. The LGPS is a funded scheme, and so is the only public sector fund which allows transfers to non DB schemes.

hugheskevi

I'm very late to the party here, but any idea about the Royal Mail/Post Office scheme which i contributed to between 1995-2001?

Think it is the same situation as with Civil Service pension, ie, cannot transfer to a Defined Contribution scheme - see link here for more information.

squirrelpie

The LGPS is a funded scheme, and so is the only public sector fund which allows transfers to non DB schemes

The MRC scheme is funded.

hyubh

Underconstruction wrote: »

I'm very late to the party here, but any idea about the Royal Mail/Post Office scheme which i contributed to between 1995-2001?

If that falls under what is now the Royal Mail Statutory Pension Scheme, then it's the same situation as with your PCSPS pension (the old Royal Mail pension fund was nationalised when the company itself was privatised).

xylophone

Have you checked on your state pension position to help with future planning?

https://www.gov.uk/check-state-pension

You can draw your deferred pensions without actuarial reduction at age 60?

This will be guaranteed index linked income as will be your state pension.

You say that you intend to continue in employment.

If you were to take the PCLS from your SIPP, would you be able to use some of it as a deposit on a mortgage for a small property and some to finance your "pre decrepitude":) projects?

allow me to do some of the things which I haven't been able to do in recent years and could still do at 55, but not perhaps 65 or 75!.

Never say die!;)
https://www.bbc.co.uk/news/av/uk-england-cambridgeshire-48541533/d-day-veteran-95-parachutes-into-france-to-mark-anniversary