should seek further advice from your former employing department.) See also page 11 for circumstances in which other limits apply.
ii If you do not have an entitlement to have your accrued benefits preserved, see page 13.
HOW SHOULD I APPLY?
You should make your application in writing. An application is taken to have been made if it is delivered personally, or sent by post in a registered letter or by recorded delivery. You are therefore advised to use one of these means when you apply for a transfer value payment to be made. Correspondence beforehand, for example, seeking an estimate of the amount of your transfer value, should be delivered personally or sent by ordinary letter.
a contracted-out scheme which is unable to accept your guaranteed minimum pension benefit(s), or
a self employed pension arrangement,
only rights in excess of the guaranteed minimum pension can be transferred to the new scheme. You will, therefore, need to use a portion of your transfer value to preserve your guaranteed minimum pension benefits, usually in a single Section 32 policy. If you are transferring your benefits to a pension scheme which is not contracted out and you do not arrange for a Section 32 policy in respect of your guaranteed minimum pension benefits, they may be bought back into the State Scheme by means of a transfer premium. The transfer value will be reduced by the amount of the transfer premium.
MUST I TRANSFER ALL MY BENEFITS TO ONE DESTINATION?
Under the special arrangements for those in post at 5 September 1987 and for Club transfers, the transfer payment must include all benefits, except certain benefits paid for by voluntary contributions, and it must be payable to an occupational pension scheme. In other cases, if you have an entitlement to a preserved pension, the transfer payment can be allocated between the various methods and between a number of insurance policies, but where you are moving to
10
an occupational pension scheme or a personal pension scheme, which is not contracted out of the State Earnings Related Pension Scheme, or
STAFF IN POST ON
5 SEPTEMBER 1987
If you were in post on 5 September 1987 and were entitled to a transfer value under the rules in force up to that date, and have served continuously since then, you may have a mixed transfer value based partly on those rules and partly on the rules now in force if that produces a higher transfer value than one based entirely on the rules now in force. A mixed transfer value can only be paid where you are transferring all your accrued benefits in the PCSPS to another contracted-out salary related occupational pension scheme (and, if you are a woman who opted to pay a reduced national insurance contribution and have therefore no rights to a guaranteed minimum pension, to a not contracted-out occupational pension scheme) and your application is made normally within 6 months of joining that scheme. If you
11