What happens to my final salary membership?

Question:
What happens to my final salary membership?
Answer:

If the transfer includes a final salary element (membership built up in a final salary scheme which in most cases is membership up to 31 March 2015) that element would buy final salary scheme membership in the LGPS, provided you have not had a continuous break in active membership of a public service pension scheme of more than 5 years.

Most public service pension schemes provided final salary pension benefits on membership up to 31 March 2015 (except the LGPS in England and Wales which is up to 31 March 2014). In a final salary scheme your pension benefits are based on your membership in the scheme and your final salary when you leave the scheme. Your final salary is usually the pensionable pay earned in the year prior to leaving the scheme. To see an example of how final salary benefits were calculated in the LGPS in England & Wales up to 31 March 2014.

A club transfer value will give you broadly equivalent benefits in the LGPS, provided you apply for the transfer within 12 months of joining the LGPS.

Transferring your pension rights is not always an easy decision to make, and you may wish to seek the help of an independent financial adviser.