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.
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.
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
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
Death in Retirement
Transfer Timescales
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?
Grove Pension Solutions Ltd is regulated by the Financial Conduct Authority and specialise solely in defined benefit pension transfer.
Get Started Today
Free Pension Transfer Guide & Initial Consultation
Complete the form below to receive your Free Pension Transfer Guide.
If you would like to find out if transferring or cashing in your pension is suitable for you, we can provide a free initial consultation known as abridged advice.
Simply return the enquiry form included in the guide and post it back in the free post envelope provided.
As part of the consultation we will look at:
- What existing pension plans you have in place.
- Whether you have the right type of pension to transfer.
- What your plans are for retirement.
- How much cash you can release.
- Whether your existing pension remains the best fit for you.
- 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).
What our clients say
Grove Pension Solutions assisted in moving my company pension to a personal pension, which will allow me to retire 7 years earlier than planned.
Since the FCA have made this option very difficult, Grove made the process very swift and smooth, with true professionalism throughout the process. The communication was excellent at all times, and there was always someone to answer a question if it arose.
I would highly recommend Grove Pension Solutions for your personal pension requirements.
Grove managed the transfer of my pension swiftly and kept me in touch with the process at all times. On occasions when I telephoned with questions they were patient, and regardless of who I spoke to, the staff were knowledgeable, friendly and reassuring. Grove Pension Solutions went above and beyond to complete my transfer and I cannot thank them enough.
Nothing is too much trouble, everything was explained in plain English and I was asked several times if I wanted to go through with any information again or any questions , all staff were professional and completely “knew their stuff” they returned calls when promised such a pleasure to do business with a very big thank you
In the final stages of my transfer, throughout the process the service has been very professional, regular updates by phone and email, the advisors are very friendly and explain the process in an easy to understand way. Have recommended to two other people already, wouldn't have any hesitation to use Grove Pension Solutions again, 10/10 thank you.