Contractors participating in a compulsory transfer of employment from the public sector are normally required to offer staff the option to transfer their accrued pension rights, in respect of past service, into their new pension scheme.
GAD represents public sector organisations in negotiations regarding the terms under which members’ accrued pension rights will be transferred.
Some public sector pension schemes take actuarial advice from other actuaries instead of GAD, and, in that case, those other actuaries would normally negotiate the transfer terms.
Process
There are two distinct aspects to the transfer of pension rights:
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Negotiation of terms - this involves discussions between GAD and the contractor's actuary on the basis for calculating the transfer values, and the credits which would be granted to members in the receiving scheme.
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Calculation of transfer values - once agreement has been reached and the transfer of employment has taken place, employees will normally have a period of three months to decide whether to transfer their past service benefits or to leave them in their previous scheme. Once the members have made their decisions and the appropriate data have been collected, the calculation of the bulk transfer amount for those employees who have opted to transfer is made by GAD, and checked by the receiving scheme's actuary.
Contact us
To discuss your requirements, please email enquiries@gad.gov.uk, or phone either:
+44 (0)20 7211 2667 or +44 (0)20 7211 2612.
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