Transfer fire service 2015 pension to a SIPP?

harveydog

Hi,

Can anybody tell me if I can transfer my current fire service pension (2015 scheme) to a SIPP?

I have asked the pension fund and they have replied in jargon 'the pension cannot be transferred to a scheme which it may be possible to acquire a right or entitlement to flexible benefits, such as a money purchase benefit, a cash balance benefit, or a money purchase benefit calculated by reference to an amount available for the provision to or in respect of the member.'

Was just looking for a yes or no..? 😊

Dazed_and_C0nfused

harveydog said:

Hi,

Can anybody tell me if I can transfer my current fire service pension (2015 scheme) to a SIPP?

I have asked the pension fund and they have replied in jargon 'the pension cannot be transferred to a scheme which it may be possible to acquire a right or entitlement to flexible benefits, such as a money purchase benefit, a cash balance benefit, or a money purchase benefit calculated by reference to an amount available for the provision to or in respect of the member.'

Was just looking for a yes or no..? 😊

That is a no.

But why would you want to do it in the first place 🤔

Silvertabby

It's a no, assuming that you have met the vesting period of 2 years.

Your Fire Service pension, being a non-funded public sector scheme, can only be transferred to another DB scheme.  Realistically, that means another public sector pension.

Linton

From a bit of research: You cannot transfrer the Fire Service 2015 pension scheme to a SIPP, only to another defined benefit scheme.    It appears to have the same restrictions as Civil Service and NHS pensions which are essentially funded by the Government rather than by the direct contributions of the scheme members and their employers.  So there is no pot of gold to be transferred.

dunstonh

I have asked the pension fund and they have replied in jargon 'the pension cannot be transferred to a scheme which it may be possible to acquire a right or entitlement to flexible benefits, such as a money purchase benefit, a cash balance benefit, or a money purchase benefit calculated by reference to an amount available for the provision to or in respect of the member.'

You asked us if you could transfer to a SIPP.   They have described a SIPP.

Out of interest, why would you even want to? i.e. what is driving the request?

Was just looking for a yes or no..? 😊

Its not a yes or no answer.
Yes you can with the right type of pension but no you cant with the wrong type.

hyubh

Linton said:

From a bit of research: You cannot transfrer the Fire Service 2015 pension scheme to a SIPP, only to another defined benefit scheme.    It appears to have the same restrictions as Civil Service and NHS pensions which are essentially funded by the Government rather than by the direct contributions of the scheme members and their employers.  So there is no pot of gold to be transferred.

It's not the nature of the employer, it's the 'pay as you' nature of how future pensions are paid (in general taxation at the time, not from an investment fund built up beforehand). Ergo local government and MPs' pensions don't have the same restriction.