Transferring Out

You may be able to transfer your deferred pension to another pension scheme. You need to contact your new pension provider to find out how to do this.

The scheme regulations and the Pensions Schemes ACT 1993 state that a member is entitled to a cash equivalent transfer value (CETV) for the purposes of transferring benefits provided that the member elects to transfer at least one year before their Normal Pension Age (NPA). If you are unsure of your NPA contact us before completing the CETV form:

Transfer value information will be provided (where applicable) within 3 weeks of receiving the CETV application form.

You can only request one free CETV in a 12 month period. There will be a charge for additional CETVs.

Pension scams and liberation

Your pension is one of your most important savings and unfortunately this attracts criminals who want to acquire your hard-earned savings. The main hazards are:

  • Pension scams – where you are encouraged to transfer your pension savings to a fraudulent pension scheme or to move your pension into high risk investments.
  • Pension liberation – where you access your pension before age 55. Under normal circumstances, this is illegal and will lead to HM Revenue and Customs imposing a tax charge on you of at least 55% of the value of your pension pot. However, if you are suffering from ill health it may be possible to access your pension below age 55 with your current pension provider.

Warning signs of scams

Watch out for the following which indicate that your pension may be at risk:

  • You have been cold called
  • You have been offered a free pension review
  • You have been advised to move your pension overseas
  • You have been offered high investment returns
  • You have been asked to transfer your pension quickly
  • You have been promised cash back from a transfer and you are under age 55

Please read the leaflet "Don’t let a scammer enjoy your retirement" which can be found on the Pensions Regulator website.

Check

Before you agree to transfer your pension you should:

  • Ask to see the new pension scheme's HM Revenue and Customs registration letter. Has the scheme been set up very recently?
  • Check if the person giving you advice is approved by the Financial Conduct Authority.
  • Contact The Pensions Advisory Service on 0800 011 3797. They give free information and advice on workplace and personal pensions.
  • If you are over 55, you can contact Pension Wise on 0800 138 3944 for a free telephone consultation.
  • Do your own research – check on the internet.

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

Telephone scams

There have been reports of a recorded phone message from an organisation calling itself 'The Pensions Helpline' or 'Your Pension Provider'.

The recordings suggest that 'people born after 1952 are due a bonus' or that 'you may be at risk of losing part of your pension'. Recipients are prompted to press a number between 1 and 9 to continue the call. Available evidence suggests that this is a UK-wide scam.

Although we have not been informed that any of our members have been contacted in this way, we want you to be aware of this scam.

We wish to make it clear that the Hampshire Pension Fund do not contact members in this manner. We never request bank details from our members or pensioners over the phone. We always request this information in writing when it is appropriate to do so.

Hampshire Pension Fund advise the following:

  • Put the phone down on unsolicited telephone calls
  • Never give personal or financial information to anyone who cold calls you on the telephone
  • Report any scams to Action Fraud online
  • Help reduce unsolicited calls by registering with the Telephone Preference Service