Can I take a partial transfer out of my APS pension and leave the rest within the Scheme?

Members of APS who have a deferred pension entitlement which was built up both before and after April 1997.

APS pensions are generally made up of two main portions, built up over the following periods:

1. Pension earned before April 1997*
2. Pension earned after April 1997

An APS member who has a deferred pension entitlement, which was built up during both of these periods has one opportunity to make a partial transfer out in respect of the pension earned before April 1997 before drawing or transferring out their remaining Scheme benefits (earned after April 1997) at a later date.

* In all cases, any pension earned before April 1997 must be transferred out.

Examples:

Partial transfer option available:

1. A member who joined the Scheme before April 1997 (or transferred in pension relating to the period before April 1997) and left the Scheme after April 1997 can choose to transfer out just the portion of pension earned before April 1997 (subject to a minimum transfer value of £30,000).

Partial transfer option not available:

1. If the member joined and left the Scheme after April 1997 (i.e. they only have pension earned after 1997 benefits), the partial transfer out option is not available as this would be classed as a full transfer out.
2. If the member joined and left the Scheme before April 1997 (i.e. they only have pension earned before April 1997), the partial transfer out option is not available as this would be classed as a full transfer out.

The option allows APS members one opportunity to make a partial transfer out in respect of pension earned before April 1997, before drawing or transferring out their remaining Scheme benefits at a later date.

The partial transfer out option is subject to the portion of pension being transferred out having a transfer value of £30,000 or more.

In all cases, a partial transfer out must include any portion of pension earned before April 1997. The total transfer value of the portion(s) or pension being transferred must also be £30,000 or more.

No – only whole portions of pension can be transferred out.

APS members have one opportunity to transfer a portion of their earned pension. Any pension remaining after a partial transfer out has been paid will continue to be treated as a deferred pension within APS. This will receive increases in line with the Scheme Rules until it is either drawn or transferred out.

Yes – the whole of the remaining pension can be transferred out at any time before the earlier of the member reaching age 75 or drawing their pension benefits from the Scheme.

The Scheme provides a separate option which allows members with AVCs to transfer some or all of them to another pension arrangement independently of their Scheme pension to another approved pension arrangement. Full details of this option are included in our AVC-only transfer out pack, which is available on the "Forms" page of our website.

Yes – the benefits paid from the Scheme if you die may include a pension for an adult survivor (your legal spouse, civil partner or surviving dependant) and allowances for children under age 23. If you transfer out part of your APS pension, the amounts that could be paid to your dependents from APS will be lower.

You can find our transfer out packs on the "Forms" page of our website.

The full Operating Rules for partial transfers out are held on the "Scheme Operating Rules" page of our website.