Before asking for a transfer, you need to check your new provider’s transfer process and see if they’re willing to accept a transfer from the Teachers’ Pension scheme. We normally get the transfer request directly from your new provider, though we can take a transfer request directly from you if your new provider won’t ask for transfer details on your behalf. Once we have your application, we’ll confirm that the receiving scheme is eligible and provide a transfer value as quickly as possible.

We’ll calculate your transfer value and guarantee it for three months. It will be supplied to your new pension provider along with the necessary discharge forms. Your new provider should then tell you what benefits your transfer value would buy in their scheme. You should then compare the benefits offered by your new provider against those preserved for you in the Teachers’ scheme. Take care to compare the normal retirement age in your new scheme with what you’d expect in your current Teachers’ scheme. It’s quite common for the normal retirement age to change as a result of a transfer. If you do decide to go ahead with the transfer once you’ve compared the schemes, you’ll have to sign the discharge forms so they can request the transfer on your behalf.

We use a range of factors supplied by the Government Actuary’s Department to calculate a transfer value. The calculation converts the value of your accrued pension rights into a cash equivalent which is then used to buy in to your new scheme.

Transfer values are guaranteed for three months from the date of calculation. If we receive a request for payment within the three month guarantee period, we’ll pay the guaranteed amount. If the request arrives after the three month guaranteed period, the transfer value will have to be recalculated before being paid to your new scheme.

All scheme members can have one transfer valuation a year free of charge. If you need more than one valuation, you’ll have to pay a fee. 

Yes they are and there’s more information about the club schemes here.

SPPA doesn’t provide financial advice. We always recommend that members get independent financial advice before deciding whether to transfer benefits to another pension scheme.

When you transfer to another occupational pension scheme, it’s highly likely your normal retirement age will increase. You should make a point of comparing your normal retirement age in the Teachers’ scheme (which is shown clearly on the transfer options forms) with the retirement age detailed in your new provider’s scheme.