I have a pension from another scheme. Can I bring this into premium?
If you have pension benefits in the scheme of a previous employer, you may transfer them into premium.
To do so, you must apply in writing to the Scheme Administrator (MyCSP). The transfer value will buy a credit of reckonable service and will be used to provide the equivalent of premium benefits. You should note that the Scheme may refuse the transfer if it does not cover the cost of your Guaranteed Minimum Pension (GMP). Similarly, the Scheme may refuse a transfer where the sending scheme does not meet certain requirements. The transfer must be completed before you leave pensionable service.
You can also bring a transfer in from a non-occupational pension scheme (for example, a personal pension or a deferred annuity contract). Most premium members are no longer able to do this as you have to apply within 12 months of being eligible to join premium.
If, however, you are entitled to do so, please be aware that an expression of interest into the possibility of transferring in your pension is not considered to be an application. An application is a signed declaration that you are happy for the transfer to proceed.
My previous employer’s scheme is in the Public Sector Transfer Club. What does this mean?
The Public Sector Transfer Club offers employees who move between Club employers the opportunity to transfer their pension benefits on special terms. Club terms are only applied when someone moves employment on a voluntary basis. Most premium members are no longer able to transfer in pension benefits under the Public Sector Transfer Club arrangements because you have to apply within 12 months of becoming eligible to join premium.
If, however, you are entitled to do so, please be aware that an expression of interest into the possibility of transferring in your pension is not considered to be an application. An application is a signed declaration that you are happy for the transfer to proceed.
I have a preserved pension from when I previously worked in the Civil Service. What happens to that?
If you have preserved benefits in classic, classic plus or premium from a previous period of employment, you can either leave your earlier pension preserved or you can aggregate (join up) your earlier period of service with your current service for a single pension based on your final pensionable earnings when you next leave the scheme.
Most premium members are no longer able to aggregate because you must make your choice within 12 months of becoming eligible to join (or rejoin) premium. To do so, you must apply in writing to the Scheme Administrator (MyCSP).
