Defined Benefit Pension Transfer

Reed Elsevier Pension Scheme

Do you have an old Reed Elsevier 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.

Reed Elsevier 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://epa.towerswatson.com/accounts/reps/.

Scheme Retirement Age: 60.

Are partial transfers allowed? No.

Scheme Funding Position: Not available.

Revaluation:

The pension will receive increases annually on 6 April. The total GMP is increased by statutory increases for each complete tax year between the date of leaving the scheme and GMP age (the date your GMP will begin to be paid). The Scheme pension in excess of the GMP will be increased in line with the Retail Prices Index (RPI) up to a maximum of 5%.

Escalation:

The pension will receive increases annually on 6 April. The Scheme will pay increases on the Guaranteed Minimum Pension (GMP) built up after 5 April 1988 in line with the Consumer Prices index (CPI) up to a maximum of 3% a year. The Scheme will not pay increases on the GMP built up before 6 April 1988. The Scheme pension in excess of the GMP will be increased in line with the Retail Prices Index (RPI) up to a maximum of 5%.

Flexible Options

Early retirement is available from age 50 IF the member joined the Reed Elsevier Pension Scheme before 6 April 2006, otherwise the minimum age is 55.

Death in Deferment

A spouse/dependant pension of one half (50%) of the members deferred pension at the date of death, plus child pensions of one quarter (25%) of the members deferred pension for each of up to 2 children until age 17, or 23 whilst in full-time education or vocational training.

If no spouse/dependant pension is payable, then child pensions are doubled to one half of the members deferred pension. If the member dies before they retire, the Trustee will pay a refund of contributions plus any interest due at their schemes discretion.

Death in Retirement

A spouse/dependant pension of one half (50%) of the members deferred pension at the date of death, plus child pensions of one quarter (25%) of the members deferred pension for each of up to 2 children until age 17, or 23 whilst in full-time education or vocational training.

If no spouse/dependant pension is payable, then child pensions are doubled to one half of the members deferred pension. All pensions are guaranteed for five years.

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: 7.5

Slowest: 8.0

Average: 7.7

Need Reed Elsevier Pension Transfer Advice?

If you are a member of the Reed Elsevier 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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