Defined Benefit Pension Transfer

GE Pension Plan

Do you have an old GE Pension Plan 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.

GE Defined Benefit 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: Willis Towers Watson.

Website: https://www.mygepension.com/

Scheme Retirement Age: 65.

Are partial transfers allowed? No.

Scheme Funding Position: 106% at 31/03/2020.

Revaluation:

The plan pension built up before 6th April 1997 and all the plan built up between 6th April 1997 and 6th April 2009 is increased by price inflation up to 5%. Post 6th April 2009 is increased by price inflation up to 2.5%.

Escalation:

Pre 97 excess is increased at the Trustee’s discretion (no recent increases), pension built up from 6th April 1997 to 6th April 2006 is increased in line with price inflation or 5%, whichever is lower. Post 6th April 2006 pension is increased in line with price inflation or 2.5%, whichever is lower.

Flexible Options

None.

Death in Deferment

On death in deferment a spouse pension of 50% is payable along with a lump sum of a return of contributions, plus any interest.

Death in Retirement

On death in retirement, a 50% spouse pension is payable and a lump sum equal to any unpaid pension if the member dies within 5 years of retiring.

Need GE Pension Plan Transfer Advice?

If you are a member of the GE Pension Plan 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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