If you leave your job without retiring, or decide to opt-out of the scheme, you will be presented with options based on the length of your LGPS membership (including any membership built up, and any membership still remaining with other LGPS funds.
You can choose to keep your benefits in the Surrey Pension Fund. These are known as Deferred Benefits.
Or, you may be able to transfer your benefits to another pension scheme as long as the new scheme is one approved by HMRC and is willing to accept the transfer.
For more information, go to transferring your benefits to another scheme.
Deciding to transfer your benefits is an important decision. You may wish to take independent financial advice.
If you decide to leave with less than 2 years of membership, you have 3 options:
You will normally be able to claim a refund of your contributions, less a deduction for tax.
You may be able to transfer your benefits to a new pension arrangement (as long as you have been a member of the LGPS for at least 3 months)
You can choose to delay your decision until you either re-join the LGPS or transfer your benefits to a new pension arrangement (instead of taking a refund of contributions).
Before opting out you should consider whether moving to the 50-50 Section of the scheme could work for you. The 50/50 section is designed to help members stay in the Scheme, building up valuable pensions benefits during times of financial hardship.
If you are thinking of opting out of the Surrey Pension Fund you will need to complete an Opt Out Form .