This is a big decision which depends on your circumstances. It’s important to have all the information you need to make it.
We recommend that you take advice if you’re thinking about transferring your pension. In fact, if your transfer value (excluding DC benefits/AVCs) is £30,000 or more and you wish to transfer out of the Scheme to a DC arrangement, you have to take advice from an FCA authorised financial adviser in order to do so.
By taking financial advice on your retirement options, you’ll receive a specific recommendation on the most suitable option for you, based on your own personal circumstances and financial situation.
This advice must be provided by a person who is appropriately regulated by the Financial Conduct Authority (FCA). This register shows firms that are regulated to provide advice or pension products.
The Trustees are unable to provide you with advice. They are not responsible for any advice provided so any concerns or about advice should be addressed to the financial adviser.
How does advice differ from guidance?
Guidance is intended to help you understand the different retirement options available, to enable you to make a decision.
Why might I want to take financial advice?
While the decision on whether to take financial advice is a personal one, there are some circumstances where taking advice, instead of, or as well as, guidance, may be appropriate or required.
Examples of such circumstances include:
- Your transfer value is greater than £30,000 (excluding DC benefits/AVCs) and you are considering transferring to a DC arrangement. Advice is a legal requirement in this situation
- You expect to be affected by the Lifetime Allowance (pension savings above this amount incur additional tax charges)
- You have complex income requirements in retirement
- You currently live overseas or you are planning to move abroad
- You have significant other assets outside of your RETIREMENT SAVINGS (excluding your own home)
- You are in ill-health
- You have complex debts to manage.
You can find a financial adviser by visiting the Money Helper website page on choosing a financial adviser.
Who pays for financial advice?
You will be responsible for meeting the costs of financial advice. Your financial adviser should provide you with full information about their costs before they start the advice process.
What does my adviser need to know?
To tailor their advice to you, you’ll need to provide your adviser with information on:
- Your finances (for example, debts, income, outgoings, savings, other retirement income)
- Your health and lifestyle
- Your plans for retirement
- Your dependants.
You can find suggested questions to ask your adviser on the FCA’s website: fca.org.uk/consumers/what-ask-adviser
If you have any defined contribution (DC) savings like AVCs, and are over 50 years old, you can have a free guidance call of up to an hour with a pension specialist from Pension Wise (part of Money Helper), a service that is provided by the Government. Pension Wise cannot provide you with guidance about the options available for your Defined Benefit Scheme/Plan pension.
If you have DC savings, to book your appointment, please call Pension Wise on 0800 138 3944 between 8am to 8pm, Monday to Friday. They will send you an email confirmation of your booking.
Or you can book an appointment online here.
The Pensions Advisory Service (TPAS) (part of Money Helper) are available to provide information about defined benefit schemes. There is a lot of information available on their website or you can talk with them by:
Made a decision?
If you’re ready to do something and choose from one of the available options.
You can find details on how to take your pension in your Retirement Pack. Fill out all of the relevant forms you’ll find in your pack and return them to us with any additional documents we need - and we’ll set this up for you.
Please pay particular attention to Form 1 – Your retirement decision where you need to choose either Option 1 – Cash + reduced pension or Option 2 – Full pension.
If you want to transfer out of the Scheme please complete the relevant forms in the Transfer Section of your Retirement Pack, or the forms in your Transfer Pack if received separately, and return to us with the additional documentation we need and we will be able to progress your transfer.
Please pay particular attention to Form 1 – Your retirement decision where you need to choose Option 3 – Transfer.
Not ready yet?
No worries, you don’t have to do anything if you do not want to. These options will be available in the future for when you are ready to start receiving your RSA pension schemes benefits.