Skip to main content
All Collections๐Ÿ” The Transfer Process
๐Ÿง‘โ€โš•๏ธ Public sector pensions
๐Ÿง‘โ€โš•๏ธ Public sector pensions

Public sector pension, NHS, Civil Service, Police, Fire Brigade, Council, Army, MOD, Navy

James avatar
Written by James
Updated over a week ago

Have you previously worked in the Army, NHS, Police Force, Fire Brigade, Civil Service or the Local Council Authority? ๐Ÿง‘๐Ÿฝโ€๐Ÿš’ ๐Ÿ‘ฎ ๐Ÿ‘จ๐Ÿฟโ€โš•๏ธ ๐Ÿ‘ฉโ€๐Ÿ’ผ

The good news is you will most likely have a very good defined benefit (final salary) pension that will help you reach your retirement goals. ๐Ÿ†

Final salary public sector pensions are unfunded schemes as they get their income from current levels of tax revenues. Whereas defined contribution private sector pensions are funded through schemes putting assets aside to pay them out. ๐Ÿ’ฐ

From 2015, it became the law that unfunded public sector pensions cannot be transferred to defined contribution pension schemes, such as Penny, and only to other defined benefit schemes.

This because they offer a guaranteed income for life, so are of high value to the worker who holds them. ๐Ÿค‘

Therefore, Penny is unable to get info about or transfer defined benefit public sector pensions. โŒ

Any information about these will not be displayed in the Penny app. โŒ

If you want to find out more about your public sector pension (the value, when you can withdraw etc), you can always call the provider of them or use their online portal. ๐Ÿ“ž ๐ŸŒ

Did this answer your question?