Defined Benefit Pension Transfer

Gallaher Pension Scheme

Do you have an old Gallaher 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.

Gallaher 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: https://buck.com/uk/

Website: https://www.buckhrsolutions.co.uk/gallaher/

Scheme Retirement Age: 60.

Are partial transfers allowed?

The minimum level of pension remaining following a DB partial transfer should be £6,000 unless the GMP takes it below this. The order of main scheme benefits for transferring are:

  • Pre and Post GMP.
  • Any Transferred in pension.
  • Post 97 Pension and Pre 97 pension in excess of GMP (proportionately).

A maximum of two transfer values can be taken, with a requirement that the second transfer is in respect of all remaining scheme benefits.

Scheme Funding Position:

Buy in by Standard Life in January 2022, no current funding statement available.

Revaluation:

Excess over GMP is revalued in line with statutory orders to a maximum of 5% pa. For pension benefits accrued after 6th April 2009, the benefits will be increased in line with statutory orders to a maximum of 2.5% pa. GMP is revalued in line with the rate specified.

Escalation:

Excess over GMP increased each April in line with the Retail Price Index to a maximum of 5% pa. GMP is increased from state pension age in line with statutory requirements.

Flexible Options

None.

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.

Death in Deferment

A spouse’s pension amounting to 50% of the member’s pension revalued to the date of death. If no spouse pension is payable, a refund of any contributions is paid with interest to date of death. The interest applied is in line with the Bank of England base rate.

Death in Retirement

A Spouse’s pension 50% of the member’s pre-commutation pension increased in line with the member’s pension increases up to the date of death. If the spouse is more than ten years younger than the member, the pension is reduced by 1.25% for every year over ten years age difference.

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: 6.5

Slowest: 11.9

Average: 9.0

Need Gallaher Pension Transfer Advice?

If you are a member of the Gallaher 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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