Don't delay — you could lose out!

A transfer usually buys you more transfer credit if the transfer is completed (from start to finish) within a year of you becoming a member of WYPF. If you delay, the amount of transfer credit you would get could be considerably less. And if you decide not to look into a transfer now, your employer or your former pension scheme might not allow it at all later on.

The advantage of being in a club scheme WYPF is a club pension scheme.

Club schemes (mainly public-sector schemes) have a special arrangement that means the transfer credit your transfer value buys closely matches the period of membership you built up in your former scheme. But to benefit from this, you have to ask for a transfer within a year of joining WYPF. If you don't, you lose the advantage of being in a club scheme and will probably end up getting a greatly reduced transfer credit.

Think carefully

Don't make your mind up about transferring now. The best time to make your decision is when we tell you how much transfer credit you would get.

So what do I do next?
Follow these four steps.

Step 1

Fill in part A of one (or more) of these forms and send it to your previous pension scheme.

Step 2

When you get the details back, send them to us straightaway.

Step 3

Wait for our reply.

Step 4

Tell us if you want to go ahead with the transfer – or not.

 

The four steps to a transfer — in detail

Step 1 - in detail

Fill in part A of one (or more) of these forms and send it to your previous pension scheme. They'll send the form back to you with part B filled in, or they'll just send you the information part B asks for.

If you have benefits in more than one previous scheme, send a form to each. We've given you three forms, but if you need more just let us know.

This does not commit you to a transfer.

What if I don't know how to contact my former pension scheme?

Ask your former employer, or write to:

The Pensions Service
Tyne View Park
Whitley Road
Newcastle NE98 1BA.
Phone: 0845 600 2537 (ask for a tracing request form)
Or, try online tracing at www.pensionsservice.gov.uk

 

Step 2 - in detail

When you get the details back, send them to us straightaway.

When you get the details from your former scheme, please send them to us straightaway in the envelope we gave you. If you're waiting for details from more than one previous scheme, please send each one as soon as it arrives. You must not fill in any forms they send at this stage.

Note.
Your former scheme should send you full transfer value details within a set time limit. If you hear nothing after four months, you should ask them why.

 

Step 3 - in detail

Wait for our reply.

We’ll write to tell you how much transfer credit you will get if you go ahead with
the transfer. You will hear from us within 21 days.

 

Step 4 - in detail

Tell us if you want to go ahead with the transfer – or not.
We’ll send you a form to fill in and send back to say whether or not you want to go
ahead with the transfer.

Please contact us at any time if you have any questions about this.

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