As part of the TUPE consultation requirements, your current employer must ensure that your new employer has adequate pension arrangements.
In the case of an outsourcing, your current employer (if it is a local authority) will tell you whether the new employer will provide either a broadly comparable scheme or continuing membership in the LGPS via an admission agreement.
If you have been offered a broadly comparable scheme you will be told of details of that scheme and you will be given a form for you to tell your employer and us that you wish to:
- transfer your LGPS pension rights to that scheme, or
- retain your pension rights in the LGPS. If you have more than 2 years membership you are awarded a deferred pension in the LGPS which increases with the cost of living and is payable at your normal pension age. If you have less than 2 years membership, you may choose to receive a refund of your contributions less a deduction for tax.
The case for transferring your LGPS pension rights to a broadly comparable scheme is now far less obvious given that the LGPS is now a “career average” scheme rather than a final salary scheme. Furthermore, your LGPS pension is statutorily protected whereas a broadly comparable scheme does not have this advantage.
If you have been offered continuing membership in the LGPS you do not need to take any action as your pension record will be automatically transferred to your new employer once an admission agreement has been put in place (protecting rights from the date of transfer).