The Pensions Regulator has asked scheme administrators to be extra vigilant for pension scammers trying to lure savers to ‘safe havens’ during the coronavirus pandemic.

They’ve recommended that those who are thinking of transferring their pension exercise extreme caution and visit ScamSmart (This link opens in a new window), which has specific guidance relating to COVID-19.

Please be assured that as a government backed scheme, your pension is safe in the Teachers’ Pension Scheme.

You should also be aware that if you’ve qualified for a pension in the Teachers’ Pension Scheme (see the FAQ What is the minimum qualifying period?) you can only transfer out to another "defined benefit" scheme. The other public service schemes – including equivalent teachers’ schemes in Scotland and Northern Ireland, Local Government, Civil Service, NHS, Police, Firefighters and Armed Forces – are "defined benefit" schemes to which you can transfer your scheme benefits. You can’t transfer your benefits to a scheme that allows flexible access to benefits, such as money purchase schemes typically offered in the private sector (commonly known as "defined contribution" schemes).

If you’ve not qualified for a pension in the Teachers’ Pension Scheme you can still transfer the value of the benefits accrued to date to another scheme, if you’ve got at least three months of qualifying service, including to money purchase schemes.