Defined Benefit Pension Transfer

Social Housing Pension Scheme (SHPS)

Do you have an old Social Housing Pension Scheme (SHPS) 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.

Social Housing 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: TPT Retirement Solutions.

Website: https://www.tpt.org.uk/schemes/shps-db-member.

Scheme Retirement Age:

Benefits accrued from 1 April 2016 have a Normal retirement Age of 67. Benefits accrued up to 31 March 2016 have a Normal Retirement Age (NRA) of 65 and benefits accrued up to 31 March 2002 can be taken from age 60 without reduction.

Are partial transfers allowed?

No – only DB and DC Benefit can be transferred separately.

Scheme Funding Position: In deficit.

Revaluation:

For pension earned on or after 1 April 2016, in line with the increase in the Consumer Prices Index (CPI), up to a maximum of 2.5% each year.

For pension earned between 1 April 2013, and 31 March 2016, in line with the increase in the Consumer Prices Index (CPI), up to a maximum of 5% each year.

For pension earned between 1 April 2008 and 31 Mar 2013, in line with the increase in the Retail Prices Index (RPI), up to a maximum of 5% each year.

For pension earned before 1 April 2008, in line with the increase in RPI, up to a maximum of 5% each year.

Where the increase in RPI exceeds 5% it is the aim of the trustee to match this, although this is not guaranteed. Any GMP will increase by the appropriate statutory revaluation rate.

Escalation:

Pension will increase each year in line with the Consumer Prices Index (CPI) to a maximum of 5% per annum.

Flexible Options

Members who joined the scheme prior to April 2006 may retire from age 50 on leaving employment. Age 55 for anyone else.

Death in Deferment

A lump sum equivalent to a return of the member contributions together with a spouse’s pension of 50% of the 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 instalments will be paid to the beneficiaries, either as monthly payments or as a one off tax-free 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: 1.7

Slowest: 16.7

Average: 8.3

Need Social Housing Pension Transfer Advice?

If you are a member of the Social Housing Pension Scheme (SHPS) 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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