Defined Benefit Pension Transfer

BOC Pension Scheme (The BOCPS)

Do you have an old BOC Pension Scheme (The BOCPS) 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.

BOC Pension Scheme (the BOCPS)

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: BoC Pension Services.

Scheme Retirement Age: 65.

Are partial transfers allowed? No.

Scheme Funding Position:

As at 31 March 2021 the scheme was in surplus (107.6%).

Revaluation:

The Scheme Rules provide for the increase of deferred pensions in excess of the GMP to be based on the Revaluation Order in force at the time payment commences, for leavers or increases from 1 June 1990.

Broadly this means that this portion of the pension will be increased by the lesser of A) the movement in the Retail Prices Index, and B) 5% per annum compound for benefits accrued up to 05/04/2009, and 2.5% for benefits accrued from 06/04/2009. Until 31/05/1990, increases to excess pensions were at a fixed rate of 3% per annum compound.

Escalation:

Pensions receive guaranteed increases when in payment. Broadly, pension in excess of pre 06/04/1988 GMP is guaranteed to increase in line with prices to a maximum of 6% compound; for leavers after 31/03/1997 the pre 06/04/1988 GMP pension receives this guarantee also.

Flexible Options

None.

Death in Deferment

The benefits paid would be at least equal to five times your initial annual pension. Any balance would be paid as a cash lump sum. A spouse pension would be payable between 50%-55% of the pension. A return of members contributions is also payable.

Death in Retirement

A spouse’s (or dependant’s) pension of 50%-55% of the pension in payment to the deceased member. Where a member dies within 5 years of retiring from the Scheme, a lump sum equal to the value of the pension the member would have received during the balance of the 5 year period had they not died.

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.

Average: 6.8

Need BOC Pension Transfer Advice?

If you are a member of the BOC Pension Scheme (the BOCPS) 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.

"*" indicates required fields

Name*
Date of Birth*
Hidden
Hidden
Hidden
Hidden
This field is for validation purposes and should be left unchanged.

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

Trustpilot
Loading...