cannot meet the requirements of the cash equivalent rules now in force, and are not therefore eligible for a mixed transfer value, you should ask your department if you have any other residual rights under the rules in force on or before 5 September 1987.
PCSPS, whereas a move to a scheme with a lower retiring age could result in a lower service credit. But, in both cases, the value of the benefits provided by the service credit will be equivalent to the value of the benefits being transferred.
WHAT IF MY NEW OCCUPATIONAL PENSION SCHEME IS A MEMBER OF THE CLUB?
If you wish to benefit from the Club arrangements (which are described generally on page 6), you should apply for a transfer value within the applicable period and your transfer value will then be calculated under the appropriate arrangements. When the transfer payment is made on or after 6 April 1988, the applicable period is 12 months from the date of taking up pensionable service in your new occupational pension scheme; before then, it was normally 6 months. It may provide in the new Club scheme a broadly equivalent service credit to your reckonable service in the PCSPS; in some circumstances, however, it may buy more or less service. If, for example, you have not bought a half-rate widow's or widower's pension for all your service in the PCSPS, the length of your service credit may be lower than your actual service, but you will be credited with a fully paid up widow's or widower's pension in respect of the credited service. There may also be differences between the schemes which could lead to more or less service credit being bought, such as a difference in the normal retirement age. A move to a scheme with a retirement age higher than in the PCSPS (age 60) could provide you with service credit higher than your reckonable service in the
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WHAT IS MY POSITION IF I DO NOT HAVE AN ENTITLEMENT TO PRESERVED BENEFITS?
You are entitled to a transfer value under the rules of the PCSPS if you join your new employer's occupational pension scheme, a personal pension scheme or a self-employed pension arrangement within 12 months of leaving the PCSPS and apply within the applicable period of joining your new scheme. If you leave pensionable service on or after 6 April 1988, the applicable period is 12 months; if you left before then, it is 6 months (but see page 12 if the transfer is taking place under the Club arrangements). The break period between pensionable employments may be extended if the delay is due to a period of education or training, illness, or the need for you to serve for a given time before being allowed to join your new scheme. Page 10 tells you how to apply for your benefits to be transferred. The transfer value will be the cash value of your accrued pension benefits, but, if you were in post on 5 September 1987, a mixed transfer value (see page 11) may be payable to a contracted-out salary-related occupational pension scheme or to a not contracted-out occupational pension scheme, if that is more favourable. If you transfer your accrued benefit to a not contracted-out scheme, the amount of the transfer value will be reduced by the amount of the contributions equivalent premium which it is necessary to pay to
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