Defined Benefit Pension Transfer

Barclays Bank UK Retirement Fund

Do you have an old Barclays Bank UK Retirement Fund 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.

Barclays Bank UK Retirement Fund

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: https://epa.towerswatson.com/accounts/barclays

Scheme Retirement Age: Normally your 60th birthday unless you were advised otherwise on joining.

Are partial transfers allowed? No.

Scheme Funding Position: 101% at 30/09/2021.

Revaluation: Increase in line with RPI up to a maximum of 5% pa.

Escalation: Increase in line with RPI up to a maximum of 5% pa.

Flexible Options

A State Pension Deduction (SPD) occurs at State Pension Age. The maximum SPD is 50% of the single person’s basic State Pension in force when you left the scheme.

Once applied the SPD does not increase and the deduction will not be passed on to any spouse’s or dependant’s pension on your death.

Death in Deferment

Your spouse will receive a pension equal to 50% of the deferred pension revalued to the date of death.

Child pensions are payable to children conceived before leaving the employment of Barclays, provided they are under the age of 18 (or 23 if in full time education or vocational training).

Death in Retirement

Your spouse will receive a pension equal to 50% of the deferred pension revalued to the date of death, taking into account any commuted pension at retirement.

If you die within the first five years of taking your pension, the remainder of the 60 monthly instalments of retirement income, at the rate in force at the date of your death, will be paid as a lump sum.

Child pensions are payable to any children, provided they are under the age of 18 (or 23 if in full time education or vocational training).

Transfer Timescales

The timescales below are based on the entire transfer process from the initial enquiry, through to advice, and eventual completion of the transfer, in months.

This information is based on our own scheme specific real-world data gathered over an 18 month period. To be clear and ensure there is no risk this information can be deemed misleading, it is our own data for the entire process, which includes our own very thorough and complex regulatory analysis and advice process, in addition to the gathering and provision of accurate information from the scheme administrators and their subsequent completion of any pension fund transfer requests. Future timescales could vary.

Fastest: 2.4

Slowest: 10.4

Average: 5.5

Need Barclays Bank UK Retirement Fund Pension Transfer Advice?

If you are a member of the Barclays Bank UK Retirement Fund 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 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

Free Pension Transfer Guide & Consultation
If you would like to find out if transferring your pension or taking a cash lump sum is suitable for you, we can provide a free initial Pension Transfer Consultation known as abridged advice.

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).

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