More about RIGPS...

This section is for members of the Royal Insurance Group Pension Scheme (RIGPS).

The Scheme is not open to new entrants or future accrual.

The Scheme originally provided benefits on a final salary basis and then switched to a CARE pension arrangement from 1 January 2006.

The scheme closed for future accrual on 31 March 2017.

Here's what you get from the Scheme:

• a pension when you retire
• an option of taking a tax-free cash sum and a reduced pension
• alternatively, subject to certain conditions, you can choose to transfer your deferred pension to another arrangement.

Any cash sum on retirement is provided by exchanging part of your pension based on factors recommended by the Scheme Actuary and approved by the Scheme’s Trustee. These factors are subject to regular review.

The cash commutation factor is used to convert pension to cash at retirement with £1 of pension providing £x of cash, You may have more than one factor applying, depending upon your period of membership. The commutation factor is used to calculate the amount of pension given up to provide the cash sum.

All Scheme factors, including those that apply to benefits being paid early and late against the date they are due, commutation factors and transfer values factors are subject to regular review and apart from transfer values (which are guaranteed for three months) are not guaranteed for any period of time.