Further legislation preventing the transfer-out of benefits from unfunded DB schemes to DC schemes comes into effect from 7 September.
Legislation that prevents the transfer-out of benefits from unfunded defined benefit (DB) pension schemes to defined contribution (DC) schemes will come into effect from the 7th September 2015.
Teachers Pensions’ have published steps their members will need to take to discharge their benefits from the Teachers’ Pensions Scheme to a DC scheme administered within the European Economic Area (EEA) (excluding the UK). The steps are:
If you have not previously received a guaranteed statement of entitlement (referred to as a GTV) you must complete a new application to request a transfer. Note that the information gathering required to provide you with a GTV may take some time and they may not be able to provide a GTV before the 7th of September.
If you received a GTV before 6 April but did not submit the discharge application papers (Form 350), Teachers’ Pensions will require a new application as the guarantee period has now expired.
If you received a GTV before 6 April and submitted the discharge application papers on or after 7 April (and which were rejected at the time), please inform Teachers’ Pensions in writing if you wish to proceed with the transfer. They will then resend Form 350, which must be completed, signed and resubmitted along with the receiving scheme’s new (Q)ROPS certificate before 7 September 2015.
Only original forms will be accepted, photocopies or faxes will not.
Teachers’ Pensions will not accept discharge applications received in the post after Monday 7th September 2015.