Transferring out - the process
If you wish to investigate transferring your LGPS pension to another pension scheme, you should inform your new pension provider that you hold pension benefits in the LGPS and provide them with the details of your LGPS pension fund administrator. Your new pension provider will require a quotation of the value of your pension benefits; your LGPS pension fund will provide this. This quote (other than in respect of AVCs) will be guaranteed for a period of three months from the date it is calculated (known as the 'Guarantee Date'). Your new pension provider should then advise you of the benefits the transfer will buy in their scheme.
If you wish to go ahead and transfer your LGPS pension to the new scheme you will need to complete a written option form within the three month guarantee period. Your LGPS pension fund should then make payment of the guaranteed transfer value within the normal time limit, which is six months from the 'Guarantee Date'. If payment is not made within this period your LGPS pension fund will need to recalculate the value as at the actual date of payment and pay the recalculated value or, if it is greater, the original value plus interest.
Please note, if you are transferring your LGPS pension to a defined contribution scheme providing flexible benefits, and the total value of your LGPS benefits (excluding AVCs) is more than £30,000, you will be obliged by law to obtain appropriate financial advice, at your own cost, from an authorised independent adviser who is registered with the Financial Conduct Authority (FCA), or an appointed representative. See the section on Freedom and Choice for further information.