If you join the FPS 2006 as a protected member you will be asked if you were previously a member of another pension scheme and if you would like your FRA to explore the possibility of a transfer of pension rights to the FPS 2006.
The FPS 2006 can accept a transfer from:
- another occupational pension scheme registered with HM Revenue and Customs (this includes some overseas schemes), or
- a personal or stakeholder pension scheme
but will not accept a transfer of pension credit rights, i.e. rights that have been awarded by a pension sharing order on divorce or dissolution of a civil partnership.
An application for a transfer must be made in writing, within 12 months of joining the scheme. You can apply to your FRA to exercise their discretion to extend the 12 month deadline. This will be subject to their discretions policy.
The FRA's pension administrator would provide you with an estimate of the benefits that the transfer would buy in the FPS 2006. You should compare this with any pension options offered by your previous scheme and decide within the time limits whether you wish to go ahead with the transfer.
If you think you have pension rights held with another pension provider, but have lost contact with the administrators, the Department for Work and Pensions offer a free Pension Tracing Service. See finding a lost pension for more information.