the DSS in order to restore your guaranteed minimum pension to the State Earning Related Pension Scheme. In all other cases, the whole of the transfer value must be paid to a single pension scheme, and may not be divided between recipients. Page 15 tells you what will happen to your transfer value in your new scheme, but, if you are moving to a Club scheme, you should read pages 12 and 13.
If you left before 6 April 1988 and you have received a short service payment, a transfer value may still be paid if you refund that payment, provided that you also meet the requirements described above. It will not be possible for any officer to be eligible to take advantage of this arrangement with effect from 4 April 1990, where the transfer is taking place under the Club arrangements, or 4 October 1989, in all other cases.
WHAT HAPPENS TO THE WIDOWER'S, INVALIDITY OR DEPENDANTS' PENSION FOR WHICH I HAVE CONTRIBUTED VOLUNTARILY?
These may be taken into account in your transfer value, but as not all schemes or policies provide these benefits on the same basis, they may, if you wish, be excluded from the transfer value. If you have sufficient qualifying service they may be preserved in the PCSPS, or, if you have insufficient qualifying service, the contributions may be refunded. However, widower's benefits based on contributions made on or after 6 April 1988 must be included in the transfer value.
WHAT HAPPENS TO THE TRANSFER VALUE IN MY NEW SCHEME OR IN A SECTION 32 POLICY?
The amount of the transfer credit that you will receive in your new occupational pension scheme will depend upon the rules of that scheme. Your transfer value to a final salary scheme will either buy you a given length of reckonable service or a stated amount of benefits which may or may not rise in line with increases in your salary. If you transfer to a money purchase scheme or use your transfer value to buy a Section 32 policy, the amount will be invested by the pension provider.
IS IT TO MY ADVANTAGE TO HAVE MY BENEFITS TRANSFERRED?
It is for you to decide whether a transfer will be to your advantage. Once a transfer value from the PCSPS has been paid to, and accepted by, your new pension provider you have no further claim to benefits under the PCSPS and the civil service cannot be held responsible for the terms offered even though these may be a poor bargain compared with your accrued entitlement under the PCSPS. It is important, therefore, that you make the appropriate enquiries before you ask your department to pay a transfer value. In reaching your decision, you will wish to take account of the following matters in addition to others relevant to your particular circumstances.
Whether a transfer is to your advantage depends on a comparison of your accrued PCSPS benefits with the benefits that transfer value will purchase. Ask your department for details of the transfer
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