Defined Benefit Pension Transfer

Marks & Spencer Pension Scheme

Do you have an old Marks & Spencer 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.

 Marks & Spencer Pension Scheme


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.


Administrator: Capita.


Scheme Retirement Age:

Generally 65 for all members who joined on or after the 1st of January 1996. Members who joined before this date can generally take their pension unreduced from age 60, however there may be some exceptions to this rule.

Are partial transfers allowed?

Only in the case of Money Purchase AVC’s which can be transferred separately.

Scheme Funding Position:

As of 2021 the scheme was in surplus (107% funded).


Statutory increases of inflation max 5% for Pre 2009 benefits and max 2.5% for Post 2009 benefits. Any transferred in benefits received before 1997 will be fixed within the scheme and will not receive any revaluation.

Any received after 1997 will be treated in line with scheme benefits.


Increase in line with RPI max 3% for benefits accrued before 1997, RPI max 5% for benefits accrued between 1997 and 2005 and RPI max 2.5% thereafter.

Any transferred in pension received before 1997 will receive increases in payment at the discretion of the scheme and any transfer received after 1997 are treated in line with standard scheme benefits.

No discretionary increases are applied through the period of 2014-2019.

Flexible Options


Death in Deferment

A spouse’s pension of 66.67% of your pension accumulated to date of death.

Death in Retirement

A spouse’s pension of 66.67% of any standard scheme pension including revaluation to date of death.

If death occurs during the first 5 years of receiving the pension, the balance of the 5 years would be payable as a lump sum.

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: 2.8

Slowest: 15.2

Average: 7.2

Need Marks & Spencer Pension Transfer Advice?

If you are a member of the Marks & Spencer 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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