If you wish to investigate transferring your LGPS pension to another pension scheme, you should inform your new pension provider that you hold pension benefits in the LGPS and provide them with the details of Staffordshire Pension Fund. The process that follows will depend on what organisation you are considering transferring to. For further details please contact Pension Services.
Your new pension provider will require a quotation of the value of your pension benefits. Your LGPS pension fund will provide this. This quote (other than in respect of AVCs) will be guaranteed for a period of three months from the date it is calculated (known as the 'guarantee date'). Your new pension provider should then advise you of the benefits the transfer will buy in their scheme.
If you wish to go ahead and transfer your LGPS pension to the new scheme you will need to complete a written option form. The fund will then forward a discharge form to the receiving scheme in order for the transfer to proceed. We will then make payment of the guaranteed transfer value within the normal time limit, which is no more than six months from the 'guarantee date'. If payment is not made within this period we will recalculate the value and pay the revised amount if it is the same or greater than the original value.