Anyone can be the victim of a pension scam, no matter how financially savvy they think they are. Scammers aim to persuade pension savers to either transfer their entire pension savings, or release funds from it. Beware of pension scams.
If you are no longer paying into the Surrey Pension Fund Local Government Pension Scheme (LGPS) then you may wish to leave them in the scheme until you decide to retire, this is what's called having deferred benefits. You also have the option to transfer your benefits to another pension arrangement. You may wish to take independent financial advice before deciding to do so.
For information on what to do if you have deferred your benefits and want to retire, visit our Taking your deferred pension page.
You can retire and receive your pension in full from your Normal Pension Age. Your normal pension age is linked to your state pension age (with a minimum of age 65). You can check your Normal Pension age by looking up your current State Pension Age.
You can also take your benefits before or after your normal pension age. Visit our Retirement options page for more information.
It is also possible to take your deferred benefits at any age on the grounds of ill health. However, this must be approved by your former employer, and you will not be awarded any enhancement. If you think payment of deferred benefits on the grounds of ill health could apply to you, please contact your former employer. Visit our section on 'Ill Health Retirement for more information.
If you have less than 2 years of membership in the Surrey Pension Fund (and have not transferred your pension rights in from another pension scheme), you can apply to get a refund of your contributions.
Please note, only your own contributions are refundable, those paid by your employer are not. There will be deductions to account for tax relief and, if applicable, National Insurance.
To start the process of refunding your contributions, please fill out an Opt Out form and send this to your payroll. More information on opting out can be found on our ' Leaving the LGPS and opting out' page.
If you have left the LGPS and are joining another pension scheme, you may consider transferring your LGPS benefits to it.
You can even transfer your LGPS pension to an overseas pension scheme if it meets certain conditions set by HMRC.
If you are thinking of transferring your pension benefits out of the LGPS you should be aware that scammers operate in these markets and are after your pension. More information on how to identify pension scams can be found below.
You cannot transfer your benefits (other than AVC) if you leave less than one year before your Normal/State Pension Age/GMP. An option to transfer benefits (other than Additional Voluntary Contributions) must be made at least 12 months before your normal pension age.
Please note that if a full transfer payment is made, you will not be entitled to any further benefits from the LGPS for yourself, your spouse, civil partner, eligible cohabiting partner or eligible dependent children.
If you leave employment and then re-join the LGPS (or continue in the LGPS in another employment), you need to decide what to do with the pension benefits you have previously built up. Find out more on our combining previous LGPS pension page.
If you are thinking of transferring your pension benefits, please refer to the video below on transferring your Pension before you make your decision.