Defined Benefit Pension Transfer

Invensys Pension Scheme

Do you have an old Invensys 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.

Invensys 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://www.xpsgroup.com/

Website: https://www.invensyspensions.co.uk/

Scheme Retirement Age: 60-65.

Are partial transfers allowed? No.

Scheme Funding Position: 

As at 31 March 2023, the Scheme had a surplus of £123m and a funding ratio of 103.6%.

Revaluation:

Lower of 5% a year or in line with price inflation.

Escalation:

In line with price inflation up to a maximum of 5% a year with a minimum of 3% a year.

Flexible Options

Via Pension Increase Exchange, a one off but permanent option to exchange some future pension increases for a higher initial starting pension.

The option of early retirement is only available if you have retired from significant gainful employment and do not intend to be in significant gainful employment in the future.

Death in Deferment

A lump sum death benefit equal to five times the member’s deferred pension revalued to date of death. A spouse’s pension of 50% of the member’s pension revalued from date of leaving to date of death.

A lower rate of spouse’s pension will be paid if the member is survived by a spouse, from a marriage entered into on or after 6 April 1994, who is more than ten years younger.

Discretionary dependant’s pensions may be paid in certain circumstances. Child allowances may also be payable for eligible children at the rate of one quarter of the member’s pension revalued from date of leaving to date of death for each child (up to a maximum of one half for two or more children).

Higher allowances will be paid if there is no spouse’s or dependant’s pension.

Death in Retirement

A spouse’s pension of 50% of the member’s pension at death. Any pension exchanged for lump sum at the time of retirement will be included in determining this pension. A lower rate of spouse’s pension will be paid if the member is survived by a spouse, from a marriage entered into on or after 6 April 1994, who is more than ten years younger.

Discretionary dependant’s pensions may be paid in certain circumstances. If death occurs within five years of retirement a lump sum death benefit will be payable equal to the further payments of pension which would have been made during the remainder of the five year period.

Child allowances may also be payable for eligible children at the rate of one quarter of the member’s pension at death for each child (up to a maximum of one half for two or more children).

Higher allowances will be paid if there is no spouse’s or dependant’s pension.

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: 6.0

Slowest: 16.1

Average: 11.4

Need Invensys Pension Transfer Advice?

If you are a member of the Invensys 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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