Transfer your pension

Transferring to another Fire & Rescue Authority

If you transfer to another Fire & Rescue Authority and remain a member of the Fire Pension Scheme, then your pension will transfer with you. You should notify your employer where you are moving to and inform your new employer that you have previous pension rights with Hampshire Pension Services.

If the gap in service is less than five years, then it is mandatory for your benefits to be joined automatically.

Transferring to another pension scheme

You can transfer your fire pension to another registered pension scheme as long as it is not a scheme that offers the draw-down of flexible benefits, this includes personal pensions such as a Self Invested Personal Pension (SIPP).

If you wish to investigate the possibility of a transfer, you should contact your new pension provider in the first instance.

Pension scams and liberation

Since 6 April 2015, Fire Pension Scheme (FPS) members have not been allowed to transfer their pension benefits to a scheme from which it may be possible to acquire a right or entitlement to flexible benefits.

Flexible benefits are defined in the Pension Schemes Bill 2014-15 as:

(a) a money purchase benefit; 
(b) a cash balance benefit; or 
(c) a benefit, other than a money purchase benefit or cash balance benefit, calculated by reference to an amount available for the provision of benefits to or in respect of the member.

This means that FPS members cannot transfer to a personal pension plan.

However, a FPS member can transfer to a pension scheme offering safeguarded benefits, such as a defined benefit occupational scheme.

If you wish to transfer your FPS benefits, it is very important to check that the proposed transfer is going to a reputable pension scheme.

Before you agree to transfer your pension, you should:

• read the leaflet "Protect yourself from scammers" which can be found on the Pensions Regulator website,
• ask to see the new pension scheme's HM Revenue and Customs registration letter, (note how long they have been registered – a recent registration is a warning sign of a scam),
• check if the person giving you advice is approved by the Financial Conduct Authority, see the Financial Services register
• contact The Pensions Advisory Service on 0800 011 3797. They give free information and advice on workplace pensions,
• do your own research - check on the internet.

If in any doubt, do not sign an agreement to transfer your pension.