Active Member

Transferring Benefits In

If you are a contributing member and have pension benefits built up in another pension arrangement, you may be able to transfer them into the Fund. 

If you have been a member of the Fund for more than one year but less than 5 years when you ask to transfer benefits in, we will need to check that none of the following apply: 

  • Your Employing Manager is considering termination of the member’s employment on health grounds 
  • You are on long term sick leave or light duties for health reasons  

You can transfer benefits in from: 

  • A previous employer’s scheme 
  • A personal or stakeholder pension 

You cannot transfer benefits in from: 

  • Policies known as Free-standing AVCs or Money Purchase AVCs into the TfL Pension Fund; however you may transfer these into the Funds’ AVC plan.  
  • Any pension earned through a separate pension arrangement while a contributing member of a TfL sponsored pension arrangement.
  • Any benefits which consist wholly or partly of Pension Credit Rights following a pension sharing order on divorce.  

How to start the transfer in process

Before we can start looking at transferring your benefits into the TfL Pension Fund, you need to obtain the transfer details from your previous pension provider(s). Your first step is to complete your details on the Transfer Information sheet (which can be downloaded from the document library below) and send it  to your previous pension provider(s).  

Once they hear from you, your previous pension providers should send you a transfer pack containing details of your previous pension and the transfer value available together with any paperwork they need completed if the transfer goes ahead. Once you receive this please send it to the Pension Fund Office as soon as possible; do not complete any forms at this stage.  

The Pension Fund Office team will then send you a transfer illustration, this will tell you how much additional membership the transfer value would provide and how much this is as a pension.  

It is unlikely that the service credit offered under the TfL Pension Fund will equate to exactly the same benefits you have under the scheme you are looking to transfer from. This is because:  

  • The benefits offered by the TfL Pension Fund may be different to those in your previous scheme 
  • The transfer value offered will be based on your benefits under your previous scheme, which may have built up on a different underlying salary to the pensionable salary under the TfL Pension Fund  
  • The Normal Retirement Age may be different
  • There may be different levels of dependants benefits
  • The level of increases to pensions may be different 

Things to consider  

Once you have an illustration of the additional service credit that will be provided under the TfL Pension Fund, you should compare the benefit this additional service will give you with the benefits under your previous scheme. You should consider:  

  • How your salary will increase between now and retirement compared to any increases that may apply to your benefits under your previous scheme 
  • The age at which the pension becomes payable  
  • Any reductions that would apply on early retirement  

What is the benefit of transferring?

Firstly it’s important to point out that for some members this might not be the best option, but for others it could be advantageous. You need to compare the benefits offered with those you would be giving up, and take appropriate financial advice to see whether it is best for you.  


Need help deciding?  

You may want, and we suggest that you seek advice on a transfer. Unfortunately, neither the Fund Office staff nor your employer can advise you. We can give you plenty of information, but you must decide yourself whether or not to transfer. You may wish to take appropriate independent financial advice before making a decision, as it is important that you make the right choice taking into account your own circumstances. 

If you would like to investigate a transfer, you should read the Transferring In Benefits guide, which explains the process and what you need to do. You can download a copy from the document library below.  


Previous membership of the Fund 

If you are a contributing member and have a deferred pension under the Fund you may elect to link this deferred pension to your current membership. 

The link up enquiry form is available in the document library below.  

Further details can be found in our Guide to Linking up Membership, available in the document library below. 


Lost track of benefits under a previous scheme? 

If you have lost track of your benefits under a previous employer's scheme you can contact the Pension Tracing Service who will provide you with the address of the scheme administrators. They can be contacted at: 

The Pension Tracing Service 
Whitley Road 
Newcastle Upon Tyne 
NE98 1BA 

Telephone:0845 6002537 

Firstly it’s important to point out that for some members this might not be the best option, but for others it could be advantageous. You need to compare the benefits offered with those you would be giving up, and take appropriate financial advice to see whether it is best for you. 

Please refer to our transferring benefits in guide for further information 

Yes, you need to obtain details from the administrators of your personal pension so that we can provide you with an illustration of the benefits that could be secured in the Fund. 

Yes, you need to obtain details from the administrators of your former employers scheme so that we can provide you with an illustration of the benefits that could be secured in the Fund. 

You cannot transfer policies known as Free-standing AVCs or Money Purchase AVCs into the TfL Pension Fund; however you may transfer these into the Funds’ AVC arrangement. Any pension earned through a separate pension arrangement while a contributing member of the TfL Pension Fund cannot be transferred. 

You may want and we suggest that you seek advice on a transfer. Unfortunately neither the Fund Office staff nor your employer can advise you. We can give you plenty of information, but you must decide yourself whether or not to transfer. You may wish to take appropriate independent financial advice before making a decision, as it is important that you make the right choice taking into account your own circumstances. 

Once you have an illustration of the additional service credit the transfer value will provide for you under the TfL Pension Fund, you should compare the benefit this additional service will give you with the benefits under your previous scheme. You should consider:

  • How your salary will increase between now and retirement compared to any increases that may apply to your benefits under your previous scheme 
  • The age at which the pension becomes payable 
  • Any reductions that would apply on early retirement

Firstly it’s important to point out that for some members this might not be the best option, but for others it could be advantageous. You need to compare the benefits offered with those you would be giving up and take appropriate financial advice to see whether it is best for you.