From April 2015, changes under the Pensions Schemes Bill will stop transfers from unfunded public service pension schemes, such as the Teachers’ Pension Scheme, to pension schemes, whether in the UK or abroad, where you are able to flexibly access your pension savings.

The changes won’t stop members living abroad accessing their UK public service pension and in practice this means that the scheme receiving a transfer from an unfunded public service pension scheme must be a Defined Benefit scheme. In order to process a transfer request to a non-defined benefits scheme the properly completed Discharge Form 350, and any other information we’ve asked for, must be received by Teachers’ Pensions no later than 5 April 2015. An original signature is required and we don’t accept email or fax copies.

There are significant benefits from remaining in your public service pension scheme, in which the benefits are underpinned by the State, including:

• Index-linked uprating
• Generous survivors and dependants benefits
• Death and ill-health retirement provisions.

Further information on the Pension Schemes Bill is available at: www.gov.uk/government/collections/pension-schemes-bill-2014-to-2015 (This link opens in a new window)