TNAG-2397-FCO40-3484-Hong-Kong-Civil-Service-policy-1992 — Page 124

What if I left the civil service before 1 January 1986?

If you left the civil service before

1 January 1986, you remain entitled to a transfer value under the rules in force before that date. You should ask your department to explain your entitlement to you. However, if you ask for a transfer value payment to be made to another Club scheme, on or after 6 April 1988, it may be dealt with under the current rules.

TRANSFER FROM THE PCSPS ON LEAVING THE CIVIL SERVICE

CAN MY BENEFITS BE TRANSFERRED?

Someone leaving pensionable service under the PCSPS may transfer accrued pension benefits out of the scheme if the conditions set out in the PCSPS are fulfilled. The arrangements which will apply depend upon whether or not you have the necessary qualifying service for your accrued pension benefits to be preserved in the PCSPS for payment at the retiring age. You will be entitled to preserved benefits if you have at least 2 years qualifying service (5 years if you left before 6 April 1988).

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i. If you have an entitlement to have your accrued benefits preserved and leave the civil service on or after

1 January 1986, you have the right to a transfer value equivalent to the value of your accrued pension benefits. You may apply for a transfer value

to another contracted-out occupational pension scheme; or

to a not contracted-out occupational pension scheme; or

to a personal pension scheme; or

to a self employed pension arrangement; or

to an approved insurance contract providing deferred annuity benefits.

ii If you do not have an entitlement to have your accrued benefits preserved, see page 13.

Special arrangements may apply if you were in post on 5 September 1987 and are transferring to an occupational pension scheme (see page 11), or if you are transferring to an occupational pension scheme which is a member of the Club (see page 12).

WHEN SHOULD I APPLY?

The availability of a transfer is usually subject to a time limit.

i If you have an entitlement to have your accrued benefits preserved, you may apply at any time from leaving the PCSPS up to 1 year before the normal retiring age (or 6 months after leaving, if later), provided that you leave the PCSPS at least 1 year before the normal retiring age. Where the transfer value is to be used to buy a transfer credit in another occupational pension scheme, application may be made up to the normal retiring age, provided that you leave the PCSPS before the normal retiring age. For most members of the PCSPS the normal retiring age is 60. (If you have a different retirement age you

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