When joining or once you have left the Scheme, you may want to investigate a transfer into or out of the Scheme. All transfers are subject to certain conditions and time limits and it may be possible to transfer benefits to and from schemes abroad.
Members may find it advantageous to bring previously accrued benefits into the RCPS. If requested, JSS will look into this on the member's behalf. The member is under no obligation to accept any transfer offer that JSS make.
In all cases a member must formally agree to transfer within 12 months of joining / being eligible to join. The transfer request form must be received by JSS within the first 11 months of the member joining the Scheme. If it is not received within this timescale, a transfer will not be possible.
Members must formally agree to transfer within 12 months of being eligible to join the RCPS to benefit from the Public Sector Transfer Club arrangements (which only apply to 'club' schemes). Any application for a transfer on 'club' terms must also be made before the member reaches the pension age of the former Scheme. For more information on Club transfers please see the leaflet The Public Sector Transfer Club on the Scheme Guides page.
It is important to note that a transfer can only proceed on Club terms if the gap between leaving the sending scheme and joining the receiving scheme is less than five years. If the gap is more than five years then the transfer is calculated on non-Club terms.
'Non club' transfers - Classic, Premium and 'Classic Plus' members
If a member wishes to transfer benefits from an occupational scheme that is not a 'Club' Scheme, the application can be made at any time whilst they are a current member of the RCPS, but the member must formally agree to the transfer before the commencement of the administration process for claiming their pension benefits.
All other transfers, such as those from personal pensions are made on a cash equivalent transfer basis and must be completed within 12 months of being eligible to join the RCPS.
'Non club' transfers - Nuvos members
Members must formally agree to transfer within 12 months of joining the Nuvos Scheme. A 'Transfers in' is not possible after the member's first anniversary of being an RCPS member.
The transfer request form acts as authority for JSS to obtain transfer information from the former scheme(s). If a transfer is acceptable to the RCPS, JSS will then provide details of what the transfer would mean in terms of RCPS membership. Completion of the transfer request form is only an expression of interest and does not represent a formal agreement to a transfer.
When a member leaves the Scheme it may be possible to transfer benefits to their new Scheme up to one year before reaching pension age. It is not possible for a member to leave the Scheme and to transfer benefits if they are in receipt of a pension, pension lump sum or annual compensation payment.
Members should act promptly as there are time limits that may affect a transfer from the Scheme. For example, any member who leaves with less than two years' service must apply for a transfer within six months of JSS writing to them, with details of their options.
If they wish to transfer their benefits, former members should provide their new Scheme / pension administrators with JSS contact details in order that they can request transfer details directly from JSS.
Since 6 April 2015, members have not been permitted to transfer their RCPS benefits to a Defined Contribution pension arrangement. This was part of Government legislation banning transfers from unfunded public sector Defined Benefit Schemes. This does not affect transfers to Defined Benefit pension schemes. Your current pension provider will be able to tell you what Scheme you are in if you are unsure.
JSS can calculate the cash equivalent transfer value for any member involved in divorce proceedings. The member or the member's legal representative should contact JSS.
Details on the charges and the implications that divorce may have on your pension can be found in the Pensions and Divorce leaflet.
If you require a valuation, please email email@example.com providing your scheme number or National Insurance number.
© JSS 2018
Last updated: 12 Jun 2018