Need to transfer my pension but can't find a provider

Hi,

I have just completed a years work on placement where I was part of the civil service pension scheme. I've been notified I need to transfer my pension to a new defined benefit scheme or I'll lose the benefits. I have tried to google to find a personal pension scheme but all I'm getting is reams of advice. I can't seem to actually find anywhere I can apply for a pension scheme so that I can keep my money and I'm running out of time as I only have a month in which to do this before the money is lost. Please can somebody tell me anywhere I can contact to just sign up for a personal pension. I don't want advice, I just want a pension provider and didn't expect it to be this difficult. Thanks.

Hi,

I have just completed a years work on placement where I was part of the civil service pension scheme. I've been notified I need to transfer my pension to a new defined benefit scheme or I'll lose the benefits. I have tried to google to find a personal pension scheme but all I'm getting is reams of advice. I can't seem to actually find anywhere I can apply for a pension scheme so that I can keep my money and I'm running out of time as I only have a month in which to do this before the money is lost. Please can somebody tell me anywhere I can contact to just sign up for a personal pension. I don't want advice, I just want a pension provider and didn't expect it to be this difficult. Thanks.

I'm going to assume that you've been employed for a year and are now leaving the civil service.

I did a bit of Googling and found this: https://www.civilservicepensionscheme.org.uk/media/95350/alpha_schemeguides4_colour_v3.pdf

NOTE: I do not know if this is your pension scheme, or if it's applicable to you.

There is a difference between what happens if you have more than two years' service, or less than two years' service. This ties in with my recollection when I left a job with a private-sector employer many years ago.

It seems that you have two options -- either to get a refund of the contributions you've made, or to transfer the contributions to another scheme. One of the things that document says is "You usually cannot transfer your alpha pension to a defined contribution or money purchase scheme." -- which I think translates into "you would have to transfer to another defined benefit scheme".

Now, I need to state emphatically here that I don't know too much about pensions -- but defined benefit (DB) pension schemes are becoming increasingly rare. Where people have DB pensions, it's through an employer; but many employers have stopped offering them, either completely or to new employees.

So my suspicion is that unless you've moved to a new employment, where the new employer offers a DB pension scheme and you can transfer you pension to that, then you'll need to take a refund of your contributions instead.

Note that I do not have any qualifications to offer financial advice, this is just my limited understanding of what I think your situation might be.

@ch0c0h01ic is right to be wary of scams; but if you know you are leaving your employer then you do need to consider what to do.

You could look to see if you can find a local financial adviser who can explain your options, but you'll probably have to pay.

Also, you could try contacting the free Pensions Advisory Service: https://www.pensionsadvisoryservice.org.uk/contacting-us (Make sure you have relevant details to hand, including any letters you've had describing what your options are.