Defined Benefit Pension Transfer

The RHM Pension Scheme – Standard Scheme

Do you have an old RHM Pension Scheme (Standard 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.

The RHM Pension Scheme - Standard 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: JLT.

Website: https://v4.merceroneview.co.uk/RHMPREMIER/login.

Scheme Retirement Age:

60 – 65 Benefits with a retirement age of 60 have late retirement factors applied from age 60 till retirement date.

Are partial transfers allowed? No.

Scheme Funding Position:

In 2019 the funding level of the scheme was 109%.

Revaluation:

Pre & Post 88 GMP is revalued at a fixed rate.
Pre 4/97 Excess3% between DOL and 1985 and RPI max 5% min 3% afterwards.
Excess 4/97 to 09/05 RPI Max 5% (min 3% if employed pre 01/10/2001).
Excess 9/05 to 7/11 RPI max 5%.
CARE RPI 2.5%.

Escalation:

Pension increases before GMP Age
Pre & Post GMP 3%
Excess Pre 4/97 3%
Excess 4/97 to 4/05 (DOL < 01/01/09) CPI max 5% (min 3% if employed pre 01/10/2001) Excess 4/97 to 4/05 (DOL > 31/12/08) RPI max 5% (min 3% if employed pre 01/10/2001)
Excess 4/05 to 9/05 (DOL < 01/01/09) 3% if employed pre 01/10/2001, otherwise CPI max 2.5% Excess 4/05 to 9/05 (DOL > 31/12/08) 3% if employed pre 01/10/2001, otherwise RPI max 2.5%
Excess 9/05 to 7/11 (DOL < 01/01/09) CPI max 2,5% Excess 9/05 to 7/11 (DOL > 31/12/08) RPI max 2.5%
CARE RPI max 2.5%
Pension increases after GMP Age
Pre 88 GMP no increases
Post 88 GMP CPI Max 3%
Excess is the same as above
GMP may be stepped up at age 65 for Males

Flexible Options

None.

Death in Deferment

A death in deferment lump sum of contributions are refunded with interest at 2.5% for non-CARE contributions and no interest for CARE contributions, along with a 50% spouse’s 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, along with a spouse’s pension of 50%.

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: 5.9

Slowest: 14.5

Average: 10.0

Need RHM Pension Transfer Advice?

If you are a member of the RHM 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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