Defined Benefit Pension Transfer

Boots Pension Scheme

Do you have an old Boots 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.

Boots Pension Scheme

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: Boots Pensions.

Website: https://www.wba-boots-pensions.co.uk/boots-pension-scheme/

Scheme Retirement Age:

Normal Pension Age for men and women is 65 unless stated in the members transfer value statement.

Please note that members can receive all benefits unreduced from age 60.

Are partial transfers allowed? No.

Scheme Funding Position:

As at 24 November 2023: Walgreens Boots Alliance announced that, with the financial support of Boots, the Trustee of the Boots Pension Scheme has agreed a £4.8 billion buy-in policy with Legal & General.

Revaluation:

Scheme pension at date of leaving increased each April by RPI to a maximum of 5%.

The above basis is underpinned by the statutory minimum revaluation requirements as prescribed by PSA93.

The statutory revaluations applied if greater than the scheme revaluation is excess pension revalued at Statutory and GMP revalued at a fixed rate.

Escalation:

GMP escalates in line with legislation and excess pension escalates by RPI to a maximum of 5% pa.

Flexible Options

You can exchange future, non-statutory pension increases for a higher starting pension (Statutory increases are those that must apply to your pension by law, therefore non-statutory refers to other pension increases that are not legally required).

This is known as a Pension Increase Exchange (PIE) offer.

Death in Deferment

Spouse’s pension of 50% of member’s preserved pension revalued to date of death (maybe reduced if spouse more than 10 years younger).

An amount equivalent to 1/3 of the spouse’s pension is payable to each child subject to a maximum of 3 children. Children’s pensions are payable to age 18 (or 22 if still in full-time education) at the Trustees’ discretion.

Lump sum of 5 times annual notional early retirement pension.

Death in Retirement

Spouse’s pension of 50% of member’s pension before any commutation (maybe reduced if spouse more than 10 years younger).

An amount equivalent to 1/3 of the spouse’s pension is payable to each child subject to a maximum of 3 children. Children’s pensions are payable to 18 (or 22 if still in full-time education) at the Trustees’ discretion.

Once in payment the pension is guaranteed for 5 years. If the member dies within the first 5 years, in addition to any possible dependant’s pension, a cash lump sum equal to the balance of the remaining 5 years maybe payable at the discretion of the Trustees to their chosen nominee(s).

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: 5.4

Slowest: 16.5

Average: 9.0

Need Boots Pension Transfer Advice?

If you are a member of the Boots 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 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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