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.

Claim your free Guide

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 2022 the scheme was in surplus (110%).

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.

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.

Average: 6.8

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 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.

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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.