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: Mercer.

Website: https://www.slsps.co.uk

Scheme Retirement Age: 60.

Are partial transfers allowed?

Yes – Partial transfer value quotes can be requested by active and deferred members. Requests should be expressed as a fixed percentage or amount and must be pro-rated across all tranches of benefit, excluding the GMP tranches.

Scheme Funding Position:

As at 31 December 2022 the scheme was in surplus (144%).

Revaluation:

Statutory increases of inflation max 5% for Pre 2009 benefits and max 2.5% for Post 2009 benefits. GMP will increase in line with Section 148 Orders.

Escalation:

Increase in line with RPI max 2.5% for benefits accrued before 1997, CPI max 5% for benefits accrued between 1997 and 2005 and CPI max 2.5% thereafter. GMP will receive Statutory increases.

Deferred members of the Scheme who joined prior to 6 April 2006 may take their retirement benefits from age 50, provided all benefits are taken at the same time.

A spouse’s pension of 1/160th x Pensionable Salary x contracted-out pensionable service before 6 April 1997,

and

1/120th x Pensionable Salary x contracted-out service from 6 April 1997 to 31 December 2007,

and

1/120th Revalued Earnings x contracted-out pensionable service from 1 January 2008

plus

a lump sum of any member salary sacrifice amounts paid between 16 November 2004 and 31 December 2007, rolled up to date of death with interest at 2.5% per annum (current rate),

plus

Return of Defined Contribution benefits

A spouses pension of 2/3rds of the member’s pre commutation pension increased from date of retirement to date of death.

A lump sum of the commuted value of the pension instalments remaining under the 5 year guarantee in respect of the pension accrued by salary sacrifice amounts paid between 16 November 2004 and 31 December 2007 would also be payable.

The timescales below are based on the entire transfer process from the initial enquiry right through to completion of a transfer, for this specific scheme.  This includes obtaining all scheme benefit information, our own detailed and complex regulatory analysis and advice process, client’s consideration of that advice, and then finally the transfer of funds.

This information is provided to indicate the timescales involved in a defined benefit transfer, which will also vary in future.  Figures are therefore indicative only.

Fastest: 4.6

Slowest: 17.6

Average: 7.2

Data Source:

This data is our own (Grove Pension Solutions Ltd) statistical analysis of our own advice process of members from this scheme that have approached us with an enquiry to transfer their defined benefit pension.

If you are a member of the Standard Life Staff Pension 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.