Transferring your pension out of alpha - Section 04D
Transferring your pension out of alpha - Section 04D
Can I transfer my pension out into another scheme?
You can apply to transfer your pension benefits to an eligible scheme, whether you have a preserved pension, or whether you are leaving with less than two years’ service. Due to changes in legislation, you are not able to transfer preserved benefits to a Defined Contribution arrangement.
Why was I given a transfer out quote when I left alpha?
If you leave with less than two years’ service (and haven’t brought a transfer in from another pension arrangement) you will get a quote showing your refund amount and the cash transfer sum in respect of the pension you have built up so far.
You have a limited time period to apply to transfer your pension. The deadline will be shown on the letter that you get.
How do I ask for a transfer quote?
If you leave with two or more years’ service (and haven’t brought a transfer in from another pension arrangement) you will not get a transfer quote automatically when you leave alpha.
You can request a transfer value quote from the Scheme Administrator (MyCSP) in writing, by post or email.
The Scheme Administrator will send you a quote and the application forms to use if you choose to go ahead and arrange a transfer out to another pension scheme. If you want to proceed with the transfer, you and your new pension scheme will need to sign the appropriate discharge papers. Due to changes in legislation you will not be able to transfer your benefits to a Defined Contribution arrangement.
How many transfer quotes can I have?
You can have one quote free of charge each year.
What if I need more quotes?
You can get additional quotes but you may be charged for this.
How long is my transfer quote guaranteed for?
The transfer quote is guaranteed for three months. If you do not confirm your intention to transfer within this three month period, the transfer value will be re-calculated and it may be higher or lower than the original amount.
How do I accept the quote and get the transfer to go ahead?
When you get a transfer quote, you will need to provide the details to your new scheme. Once you decide that you want to go ahead you should confirm to the Scheme Administrator (MyCSP) using the form that will be included with your quote. You and your new scheme will need to complete the appropriate discharge papers.
Once you have returned your forms, both schemes will work together to transfer your benefits.
Is there any reason why I cannot transfer my pension?
If you left with less than two years’ service (and haven’t brought a transfer in from another pension arrangement) you must have started the transfer process within the deadline set out in the letters you get, or you will receive a refund of contributions.
If you qualified for a preserved pension, you cannot transfer your alpha pension to a Defined Contribution or money purchase scheme. A transfer to a Defined Contribution or money purchase scheme is possible if you left without qualifying for a preserved pension.
The pension scheme you are transferring to may have its own timescales and requirements that you must meet.
Your new scheme must be UK tax registered, and be able to accept the transfer under the Occupational Pension Schemes (Transfer Values) regulations.
Is there anywhere that I cannot transfer my pension into?
You can usually only transfer your pension into a UK pension scheme, which is registered by HM Revenue & Customs, or a qualifying recognised overseas pension scheme (the ROPS list).
Your new pension scheme must be both appropriately registered and willing to accept the transfer.
If I do transfer out, what benefits will I have left in alpha?
A transfer out removes all of your pension rights in alpha and you will have no benefits left in alpha if you choose to transfer out.
I was buying an EPA / added pension, is this included?
Any added pension or any EPA portion of your pension that you were buying will be included when your transfer value is worked out. If you decide to proceed with the transfer it will include the value of the added pension and EPA portion of your pension you have purchased.
If you make additional contributions to the Civil Service Additional Voluntary Contribution Scheme (CSAVCS), these funds are not included in your transfer value. This is a different scheme and you will have to request a separate transfer from your CSAVCS provider.
