Important Saul Information
20 December 2012
Suspension of non-club transfers in
19 December 2012
The Government has recently indicated that it is likely to soon change certain aspects of pensions regulations.
Given the legislative uncertainty this has created, the Trustee has decided to suspend non-club transfers into SAUL from 9 January 2013. Club transfers will not be affected.
Non-club transfers are those from schemes outside the public-sector transfer club. The suspension means that from 9 January 2013, members will only be able to transfer benefits into SAUL from a scheme on the public-sector transfer club list.
CARE Plan members can find out more about transferring benefits into SAUL by looking at the relevant section of the SAUL member website here. Final Salary Plan members can access this information by clicking here.
If you joined SAUL after 1 April 2004 you have one year from the date you commenced Pensionable Service to transfer your benefits under the club transfer arrangement. A transfer of benefits after this period will be treated as a non-club transfer and subject to the suspension. If you joined SAUL before 1 April 2004 you can transfer your benefits from a club scheme at anytime.
If you wish to investigate a transfer of benefits you need to fill in a Transfer-in Authority Form and either post it to the address provided on the form or forward it to your Pensions Officer.
Please note that in order to transfer non-club benefits into SAUL you will need to submit the Transfer-in Authority Form to SAUL Trustee Company before 9 January 2013. If you plan on passing the form to your Pensions Officer you will need to allow sufficient time for them to forward the form, as requests received on or after this date cannot be processed - even if they have been dated before the deadline.