Members who decide to opt out or leave the HSC Pension Scheme, may be able to transfer their pension benefits to another pension provider.

A transfer payment is worked out by converting the value of a member’s pension rights to a current Cash Equivalent Transfer Value (CETV).  To become entitled to a transfer payment, a member must first have been provided with a statement of entitlement (the guaranteed CETV).

Schedule of Charges –  For members and other pension providers from 1 April 2019

Overseas Transfer Factsheet


Important changes from 6 April 2015

The Pension Schemes Act 2015 contained measures to restrict transfers out of unfunded defined benefit public service schemes, except to other defined benefit schemes, unless certain conditions are met.

Which members are affected by the changes?

Members affected by the changes are those who want to transfer to a defined contribution (DC) scheme, both in the UK or overseas. This is a scheme from which it may be possible that the benefits provided under the rules of the receiving scheme in respect of the transfer credits/rights resulting from the transfer payment are flexible benefits. Flexible benefits are defined as:

  • A money purchase benefit,
  • A cash balance benefit, or
  • A benefit, other than a money purchase benefit or cash balance benefit,

calculated by reference to an amount available for the provision of benefits to or in respect of the member (whether the amount so available is calculated by reference to payments made by the member or any other person in respect of the member or any other factor).

From 6 April 2015 transfers to DC schemes will no longer be permitted.

Which members are not affected by the changes?

Members not affected by the changes are those who have:
1. Requested a transfer to another defined benefit scheme
2. Left the HSC Pension Scheme with less than two years membership, where the alternative to a transfer is a refund of pension scheme contributions

Qualifying Recognised Overseas Pension Scheme (QROPS)

A transfer for members transferring to a QROPS has to follow HM Revenue & Customs (HMRC) legislation in addition to that above.
HMRC also introduced new legislation on 6 April 2015 preventing a transfer to a scheme that does not meet the ‘Pension Age Test’ and a transfer is not possible if pension benefits can be accessed before age 55.

One of the checks made by HSC Pension Service is that the receiving scheme is on the HMRC QROPS list. You can check if a scheme is on the QROPS list by referring to the HMRC website: (entering QROPS list in the search engine). If the scheme is not on the list then a transfer to that scheme is not possible.

If a scheme is on the QROPS list this is not a guarantee that a transfer to such a scheme will be possible. NHS Pensions are required to make checks to ensure the transfer will be an authorised transfer and free of UK tax. A transfer that is not an authorised transfer is not possible.

HSC Pension Service will write to you or your new pension provider to let you know how these checks will affect your transfer.

If you want to consider a transfer to an Overseas Pension Scheme please complete the application form in the Overseas transfer out guide and application pack

Pensions on Divorce / Dissolution of a Civil Partnership

Members who need a CETV for divorce or dissolution of a civil partnership should refer to the Pension on Divorce section.