Defined Benefit Pension Transfer

Rolls-Royce UK Pension Fund

Do you have an old Rolls-Royce UK Pension Fund 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.

Rolls-Royce UK Pension Fund


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: Rolls-Royce Pension Department.


Scheme Retirement Age:

Normally 65, but some benefits can be taken early without any deduction from ages 60, 62 and 63 depending upon when the member left service.

Are partial transfers allowed?

Yes but all the GMP must be transferred and all other elements are pro-rated. The member must take their pension at the same time as the transfer.

Scheme Funding Position:

As at 31 March 2020 the scheme was in surplus (105.2%).


Statutory increases of inflation max 5% for Pre 2009 benefits and max 2.5% for Post 2009 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.

Flexible Options

Early retirement may be permitted for members from age 50 but not whilst they remain employed by Rolls-Royce.

A bridging pension option may also be available whereby a higher pension could be paid to State Pension Age and then reduced thereafter.

Death in Deferment

If the member is a deferred employed member a lump sum equivalent to 4 times their salary at scheme closure date would be paid together with a spouse’s pension of 50% of the pension that would have been accrued had they remained a contributing member of Rolls-Royce.

If the member has left service, a lump sum equivalent to a return of their contributions plus interest together with a spouse’s pension of 50% of their pension accumulated to date of death.

Death in Retirement

A spouse’s pension of 50% of the pension prior to commutation, plus increases in retirement. If the member dies within 5 years of the pension commencing, the remaining monthly installments will be paid to the beneficiaries, either as monthly payments or as a one off tax-free lump sum.

Need Rolls-Royce Pension Transfer Advice?

If you are a member of the Rolls-Royce UK Pension Fund 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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