Opting out

If you want to enquire about opting out of the Fund, please contact the Pensions Team for more information and a copy of the opt out form.

You are required to provide at least one month's notice of your intention to opt out of the scheme before your contributions cease. You will therefore continue to make contributions to the Fund until the expiration of this notice period.

Your Fund pension provides a valuable package of benefits and you are urged to consider this decision carefully. You may wish to seek independent financial advice before opting out.

Refunds

If you leave the Fund within two years of joining and have not paid your contributions through a salary sacrifice scheme, then you may be able to take a refund of your contributions, less the tax relief that you received on your contributions. If you have more than two years membership or have paid your contributions through a salary sacrifice scheme, then you will not be able to take a refund of your contributions.

Deferred benefits

If you leave the Fund and are not eligible to receive a refund of your contributions then you will receive a deferred benefit, which remains with the Fund until you draw it as a pension. Increases to benefits in deferment are applied at the discretion of the Trustee and University.

Statements of the current value of your deferred benefits are not produced automatically, but you can request one each year writing to the Pensions Team.

It is important that whilst your benefits are deferred, you keep your contact details with us up to date. If your contact details change, please write to us to let us know.

Transferring out of the Fund

If you have another pension then you may be able to transfer your deferred benefits from the University of York Pension Fund to it. Not all schemes accept transfers so you should check with your other scheme first that they are able and willing to accept a transfer. The University of York Pension Fund is not a member of the Public Sector Transfer Club.

If you want to request a transfer value, please make a request in writing to the Pensions Team. You will be provided with a transfer value which is normally guaranteed for three months. If you want to proceed with the transfer, you will need to provide all of the documents and information that we ask for before the guarantee period expires. You are only able to receive one transfer value free of charge per year so if the guarantee period expires and you need another transfer value within twelve months, you will be charged for this. The cost is currently £360.

If you are considering a transfer out of the Fund and your transfer value is £30,000 or more, you must obtain financial advice before you can transfer, although it is recommended that you always take financial advice before transferring.

Be sure before transferring that you know what fees you will be charged for making the transfer, and the fees you will be charged on an ongoing basis on your investment. You are not charged any fees for your main benefits in the University of York Pension Fund.

You can find more information about transferring benefits out of a defined benefit scheme like the University of York Pension Fund from the FCA's website and from the Money Advice Service.

Pension scams

Your pension is a valuable asset, and scams to trick people out of their pension are becoming increasingly sophisticated. Be wary of free pension reviews or investments which sound too good to be true. Look out for the warning signs of a scam, which include being contacted out of the blue, time limited offers, unusual types of investment and high or guaranteed returns.

If you are considering transferring your benefits out of the Fund, first check the ScamSmart information on the FCA's website. Use the FCA's warning list tool and check that the firm you are dealing with is not on the list of known firms to avoid.

Financial advice

The decisions that you make about your pension will affect the income that you receive in retirement, and members may wish to seek financial advice before deciding what they want to do with their pension. If you are considering a transfer out of the Fund and your transfer value is £30,000 or more, you must obtain financial advice before you can transfer, although it is recommended that you always take financial advice before transferring.

The Directors of the Pension Trust Company and administrators of the University of York Pension Fund are able to provide factual information regarding benefits accrued in the Fund but cannot provide financial advice. There are additional sources of general guidance available from the Pensions Advisory Service* and the Money Advice Service*.

* The University of York Pension Fund is not responsible for the content or accuracy of external websites

If you have paid into the Fund's money purchase AVC facility you may also be able to seek specific guidance on your options when you retire from the government operated Pension Wise service. Visit www.pensionwise.gov.uk for more information.

If you do not qualify to receive guidance from Pension Wise or require specific financial advice, you will need to seek this from an appropriately qualified financial adviser. The University of York Pension Fund is not able to recommend a specific adviser and does not accept any responsibility for the accuracy or appropriateness of any advice received or acted upon.

Scheme rules for non-active members

If you have a deferred benefit in the Fund, then the current version of the Rules does not usually apply to those benefits. Instead the version of the rules that were in force at the time of your leaving would usually apply to those benefits. Those rules are not published here, but are available for inspection, upon your written request.

Contact the Pensions Team