Thinking of transferring to another pension arrangement?

The Pensions Regulator ("TPR"), the Financial Conduct Authority ("FCA") and the Pension and Money Service are asking pension members who are considering transferring their pension to be especially careful in these times of financial uncertainty. They have issued a letter which provides helpful guidance relevant to both your policy and any other defined benefit pensions you may have. Please note that some of the information in the letter is only applicable to members of company pension schemes, in particular the information on the Pension Protection Fund.

Letter from TPR, The FCA and The Pension and Money Service

Your retirement options

If you are not yet receiving your pension, it is important that you consider the retirement options that are open to you and decide what is right for you based on your personal and financial circumstances.

We have developed four short videos which may help you consider your retirement options:    VIDEOS

Generally, you can retire at any time from your 55th birthday. When you retire you can choose to access your Policy benefits:

  • directly from Rothesay Life; or
  • from another pension arrangement

What is right for you depends on your own personal circumstances and your plans for retirement.  Receiving your benefits direct from Rothesay Life may well be the most suitable option for the majority of our Policyholders. However, you may be able to gain access to additional flexibility and choice by transferring to another suitable pension arrangement.

Click here to find out more

We recommend you consider your retirement options with the help of a qualified financial adviser especially if you are considering transferring the value of your benefits to another pension arrangement. A video about taking suitable financial advice and other helpful information regarding pension transfers can be found on the FCA’s website at: www.fca.org.uk/consumers/pension-transfer

Please note, your chosen financial adviser will need to be authorised and qualified to provide advice on options and transfers from defined benefit pension schemes. 

If you do not have a financial adviser, the Money Advice Service’s website provides free and impartial information on choosing a financial adviser and links to details of financial advisers: www.moneyadviceservice.org.uk/en/articles/choosing-a-financial-adviser

Our retirement packs include an estimate of the transfer payment that may be available to pay to an alternative pension arrangement. If you decide that you are interested in transferring to another pension arrangement, you or your adviser will need to contact us to request a full transfer value pack which will include details of the transfer value available to you. This figure will be guaranteed for three months. The following document is included in the transfer value pack we send out. Please give it to your chosen financial adviser:

FINANCIAL ADVISER INFORMATION SHEET

Pension scams

Please be careful not to fall victim to a fraudster trying to cheat you out of your pension benefits. The FCA and The Pensions Regulator have produced a joint leaflet to help protect you from pension scams:

Click here for the leaflet on pension scams

The FCA's ScamSmart website is also full of helpful tips and advice on how to avoid pension and other investment scams: www.fca.org.uk/scamsmart

 

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