Changes under the Pensions Schemes Bill, to come into force from April 2015, will stop transfers from unfunded public service pension schemes, such as the Teachers’ Pension Scheme (TPS), to pension schemes which allow flexible access to pension savings, whether in the UK or elsewhere.
However, the changes won’t stop members of the TPS who live abroad from accessing their UK public service pension. This means the scheme receiving a transfer from an unfunded public service pension scheme must be Defined Benefit.
In order for Teachers’ Pensions to process transfer requests to non-Defined Benefits schemes, members must ensure completed Discharge Form 350, and any other information requested by Teachers’ Pensions, are received by them no later than the 5th of April 2015. Please note, an original signature is required and email or fax copies will not be accepted.
There are substantial benefits from remaining in a public service pension scheme, which are supported by the State, including index-linked uprating, generous survivors and dependants benefits, and death and ill-health retirement provisions.
Further information on the Pension Schemes Bill is available at: www.gov.uk/government/collections/pension-schemes-bill-2014-to-2015
The content in this article was correct on 27/02/2015. You should not rely on this article to make important financial decisions. Please use the contact form below to arrange an informal chat with an adviser and see how we can help you.