Defined Benefit Pension Transfer
Asda Group Pension Scheme
Do you have an old Asda Group Pension Scheme you are thinking about transferring into a more flexible arrangement?
Below is a general overview of what the scheme benefits are, these might vary from member to member, depending on what category you belonged to.
If you would like to find out if transferring your pension is suitable for you, why not get started today and receive your free Pension Transfer Guide and arrange a free initial consultation.
Disclaimer
The information we provide here is our understanding of the pension scheme and may not be the latest, there may also be some detail missing. It is provided in good faith as an overview of the details we hold. There has not been any endorsement or otherwise of these details by the pension scheme, their sponsoring employer or scheme administrators.
This is a partial summary of the complex benefits provided through potentially many schemes, where retirement options can be very different within the same scheme or the same individual sections of those schemes.
If you are either a current or deferred member of the pension scheme and wish specific information about your personal benefits, the scheme administrator will need to be contacted.
Overview
Administrator: Rothesay Life – These are now buy-out policies (from 28 June 2021).
Scheme Retirement Age:
GMP age is 65 but members can take benefits from age 60 unreduced.
Are partial transfers allowed? No.
Scheme Funding Position:
The scheme was in deficit before the members were transferred to Rothesay under a buy-out scheme.
Revaluation:
Deferred pension earned to 5 April 2009 increases in line with statutory increases with a maximum of 5% pa.
Deferred pension earned after 5 April 2009 increases are in line with statutory increases with a maximum of 2.5% pa.
For members who left before 1 Jan 1991 any pension earned before 1 Jan 1985 is increased by 3% pa guaranteed.
For members who were active at the date of scheme closure, 12 Feb 2011 and left the company before 17 Sep 2019, the deferred pension will increase by the overall increase in the CPI for each complete year of service between the date of the scheme closing and date of leaving Asda.
For members who were active at the date of scheme closure, 12 Feb 2011 and left the company after 17 Sep 2019, the deferred pension will increase by the overall increase in the CPI for each complete year of service between the date of the scheme closing and date of taking benefits.
Escalation:
The pension increases in line with RPI up to a maximum of 5% pa.
Flexible Options
If a member joined the scheme before 1 May 1990 and left before 1 Jan 1995, they may be able to take their benefits from age 50.
Subject to the receipt of satisfactory medical evidence, payment may be taken at any time on the grounds of ill-health or incapacity. An ill-health pension will be reduced for early payment whereas no reduction will be applied in the event of incapacity.
Death in Deferment
Children’s pensions equal to 50% of the spouse’s pension would also be paid and split equally between eligible children up to age 18 (or 21 if still in full-time education).
In addition, a refund of contributions would be paid to the beneficiaries determined by the Trustees of the Scheme.
Death in Retirement
Children’s pensions equal to 50% of the spouse’s pension would also be paid and split equally between eligible children up to age 18 (or 21 if still in full-time education).
In addition, a balance of five years’ pension installments on death within the first five years would be paid as a lump sum.
Advice & Transfer Timescales
The timescales below are based on the entire transfer process from the initial enquiry right through to completion of a transfer, for this specific scheme. This includes obtaining all scheme benefit information, our own detailed and complex regulatory analysis and advice process, client’s consideration of that advice, and then finally the transfer of funds.
This information is provided to indicate the timescales involved in a defined benefit transfer, which will also vary in future. Figures are therefore indicative only.
Fastest: 3.4
Slowest: 12.0
Average: 7.8
Data Source:
This data is our own (Grove Pension Solutions Ltd) statistical analysis of our own advice process of members from this scheme that have approached us with an enquiry to transfer their defined benefit pension.
Need Asda Group Pension Scheme Transfer Advice?
If you are a member of the Asda Group Pension Scheme and would like to know if transferring or cashing in your pension at 55+ is suitable for you, why not get started today and receive your free Pension Transfer Guide and arrange a free initial consultation.
Grove Pension Solutions Ltd is regulated by the Financial Conduct Authority and specialise solely in defined benefit pension transfer.
Pension Transfer Consultation
Get Started Today
Simply complete your details below, and we will send you our Pension Transfer Consultation Pack and Enquiry Form.
As part of the consultation we will look at:
- What existing pension plans you have in place.
- What your plans are for retirement.
- Your needs for flexibility and control.
- The likely cost of more in-depth advice.
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Defined Benefit Pension Transfer Warning
Transferring away from a defined benefit pension scheme means you will lose valuable guarantees.
Taking benefits early will almost certainly reduce your pension income in retirement and is only suitable for a limited number of people and circumstances. This should not be seen as an easy option for raising cash.
If you release all your money from your pension early you will not have anything left to provide you with income in retirement.
When releasing cash from your pension, usually up to 25% is tax free, the balance is taxed at your marginal rate at the time and could change in the future.
Watch the FCA video explaining the expectations of financial advisers when advising you on defined benefit pension transfers.
Grove Pension Solutions Ltd is authorised and regulated by the Financial Conduct Authority (Reference number 465051).
What our clients say
First I want to thank both you and all your staff for helping us through this difficult decision period. You usually only retire once and so are novices at all the procedures.
Thank you for your understanding, taking us through this process so we finally understood what was needed. I will be happy to recommend you to all our friends and family should they ever need these services.
Once again you have our sincere thank
I cannot thank Grove Pension Solutions Ltd enough! From the outset to completion, my mind has been put at rest throughout. I had to make a very difficult decision with regard my pension recently due to ill-health / a terminal illness.
It was a tough and lengthy process from start to finish, however, the staff I spoke with were wonderful, in particular, Gina. They have professionalism to a T. Friendly, courteous, knowledgeable and above all, understanding.
Grove Pension Solutions assisted in moving my company pension to a personal pension, which will allow me to retire 7 years earlier than planned.
Since the FCA have made this option very difficult, Grove made the process very swift and smooth, with true professionalism throughout the process. The communication was excellent at all times, and there was always someone to answer a question if it arose.
I would highly recommend Grove Pension Solutions for your personal pension requirements.
Grove managed the transfer of my pension swiftly and kept me in touch with the process at all times. On occasions when I telephoned with questions they were patient, and regardless of who I spoke to, the staff were knowledgeable, friendly and reassuring. Grove Pension Solutions went above and beyond to complete my transfer and I cannot thank them enough.
Nothing is too much trouble, everything was explained in plain English and I was asked several times if I wanted to go through with any information again or any questions , all staff were professional and completely “knew their stuff” they returned calls when promised such a pleasure to do business with a very big thank you
In the final stages of my transfer, throughout the process the service has been very professional, regular updates by phone and email, the advisors are very friendly and explain the process in an easy to understand way. Have recommended to two other people already, wouldn't have any hesitation to use Grove Pension Solutions again, 10/10 thank you.