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

Silvertabby

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

squirrelpie wrote: »

The MRC scheme is funded.

The MRC is a member of the public sector transfers club, but I'm not sure that they are actually a public sector scheme. However, happy to be corrected.

xylophone

I'm not sure that they are actually a public sector scheme.

According to Hutton Report


Box 1.B: The operation of DB public service pension schemes
Some public service pension schemes, such as the Local Government Pension Scheme and the Medical Research Council Pension Scheme, are funded, as are UK private sector pension schemes. Employers and employees pay their contributions into a fund and these contributions are invested in assets that produce investment returns. Current pensions are paid from the fund.

xylophone

And as funded, transfers out to a DC Scheme are possible.


http://www.mrcps.co.uk/d-transferring-your-benefits.php

Transferring Your Benefits
If you have left, or opted out of, the Scheme, then you have the option of transferring the benefits you have built up to another pension scheme that is able to accept it.

You can contact JLT for a quote, which will include all the information and forms you need to process a transfer. Please note that if you are within 12 months of your normal pension age, transfers out are not permitted under Scheme rules.

Important note
If your transfer value (excluding AVCs) is £30,000 or more, and is being transferred to an arrangement that offers flexible retirement options such as flexible drawdown, you will need to provide evidence that you have taken independent financial advice.

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.

Somebody else searching on transferring out of the pcsps who finds this page may want to

Andy_L

squirrelpie wrote: »

The MRC scheme is funded.

As is the MP's scheme. But the majority are unfunded

ProDave

Am I missing something here?

£500K in a SIPP you can take 25% of that or £125K tax free on your 55th birthday, and then draw what you want after that. the only limiting thing that might decide how fast you draw it, is the tax implications i.e you might want to avoid higher tax bands.

Keep the defined benefits pensions for age 60, though worth asking them if there is a provision to draw them early with an actuarial reduction. I thought mine was fixed at 60 (it used to be) but have now found I can draw it early with a reduction.

LHW99

ProDave wrote: »

Am I missing something here?

£500K in a SIPP you can take 25% of that or £125K tax free on your 55th birthday, and then draw what you want after that. the only limiting thing that might decide how fast you draw it, is the tax implications i.e you might want to avoid higher tax bands.

Keep the defined benefits pensions for age 60, though worth asking them if there is a provision to draw them early with an actuarial reduction. I thought mine was fixed at 60 (it used to be) but have now found I can draw it early with a reduction.

And check if you could give up some DB lump sum to buy additional (index linked) income to make up for using more of the SIPP money