Defined Benefit Pension Transfer

Rosyth Royal Dockyard Pension Scheme

Do you have an old Rosyth Royal Dockyard 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.

Rosyth Royal Dockyard 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: Babcock International.

Website: TBC.

Scheme Retirement Age: 60-65.

Are partial transfers allowed?

As a minimum the value of the GMP must be transferred out and the maximum value that can be transferred out is 90% of the total transfer value. All tranches will be reduced.

Scheme Funding Position:

As at 31st March 2020 the funding level was 76%.

Revaluation:

From date of leaving to your Normal Pension Age, your benefits will increase each year in line with inflation. Inflation is typically based on the increase in retail prices in the 12 months up to the end of September in the preceding year, sometimes capped at 5%.

Escalation:

Transferred Members

Pension accrued prior to 6th April 2006 will increase in line with the Retail Price Index (RPI)
Pension accrued between 6th April 2006 31st May 2015 will by 3%, or in line with RPI if lower
Pension accrued after 1st June 2015 will increase by 3%, or in line with the Consumer Price Index (CPI) if lower.

New Entrant Members

Pension accrued prior to 6th April 2006 will increase by 5%, or in line with RPI if lower
Pension accrued between 6th 2006 and 31st May 2015 will increase by 3%, or in line with RPI if lower
Pensions accrued after 1st June 2015 will increase by 3%, or in line with CPI if lower.

Flexible Options

None.

Death in Deferment

If you die before your retirement date, your adult dependant will receive a pension up to 50% of your pension at date of death along with a lump sum payment of 3 times your full pension.

Death in Retirement

On death within 5 years of your retirement date, a lump sum equal to 5 times your annual pension at date of death, less any pension already paid.

An adult dependant’s pension of up to 1/160th of your final pensionable pay for each year of pensionable service.

The pension paid to an adult dependant who is your spouse will be increased to 2/3rds of your pension at date of death for the following periods:

  • For 9 months if you have no eligible child.
  • For 18 months if you have eligible children at date of death.

Children’s Pension are available.

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: 1.2

Slowest: 9.3

Average: 4.9

Need Rosyth Royal Dockyard Pension Transfer Advice?

If you are a member of the Rosyth Royal Dockyard 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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