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Transfers out
In this section
You can choose to transfer out your benefits from the firefighters’ pension scheme 1992.
Transfer out process
Moving benefits away
If you have taken advice and think transferring out might be a good decision for you, there are some steps you can take:
- 01.
Speak with your administrator about transferring out at least one year before you want to retire.
- 02.
Complete the relevant forms.
- 03.
Your administrator will work out a ‘transfer value’. This is the total cash equivalent value of your benefits.
- 04.
The pension provider that you are planning on transferring to will provide a quotation letting you know what your transfer will buy in the new scheme.
- 05.
Your administrator will check the new scheme meets certain conditions, such as:
- It is a UK pension scheme that is approved by HMRC; or
- A qualifying recognised overseas pension scheme.
- 06.
Once all the paperwork is approved, you will be informed when the transfer will take place.
Firefighters’ pension scheme 1992 benefits cannot be transferred to other sections of the firefighters’ pension scheme (firefighters’ pension scheme 2015 or firefighters’ pension scheme 2006).
Transfers to certain schemes, which allow members to access their benefits flexibly, are not allowed.
Take advice
Financial advisers
Transferring your pension is not always an easy decision. You should speak to an independent financial adviser before you decide to transfer your benefits to an alternative arrangement.
Scams
Be cautious
There are many ways that scammers may try to steal your pension. Be aware of offers which seem to be too good to be true. Read more on how to spot a scam and protect yourself against fraudsters in the scams section.