What happens if an application for transfer of pension credit is made outside the time limits?
The Department of Education has power to extend the time limits in which the application for transfer of pension rights from a previous scheme may be made. But this power is used only where there are sound reasons for doing so. Even where the time limits are extended the member may still suffer considerable loss in terms of the service in the Teachers’ Pensions Scheme which the transfer value purchases. The amount of loss depends on the difference between the person’s salary and age while subject to the previous scheme and his salary and age in the Teachers’ Pensions Scheme at the time the transfer value is received. The terms under which transfer values are received in schemes funded by HM Treasury are decided by the Government Actuary’s Department. The Department has no scope for discretion in this matter.
