Defined Benefit Pension Transfer

UTC (UK) Pension Scheme – Goodrich Section

Do you have an old UTC (UK) Pension Scheme (Goodrich Section) 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.

UTC (UK) Pension Scheme - Goodrich Section


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.


Scheme Retirement Age:

SRBS & Closed – 65*
*Benefit pre 1/1/08, reduced pre 60
*Benefit post 1/1/08 reduced from age 62.5
Open & April 2004 – 65

Are partial transfers allowed?

AVCs can be transferred out separately

Scheme Funding Position:

The scheme’s funding position is unknown.


The revaluation is the greater of:

Statutory revaluation to date of early retirement which is Pre 06.04.1997 Excess 5% or CPI for each complete year in deferment Post 05.04.1997 – 5% or LPI for each complete year in deferment


Scheme Revaluation – the increase in the RPI index over the period from date of leaving to the anniversary of date of leaving immediately prior to the date of retirement with a maximum of 7%* compound April 2004 members receive 5% maximum compound.


Closed and open sections:
Excess benefits increase by RPI up to 7% or 4%.
GMP will receive Statutory increases.

SRBS section:
Excess benefits increase by RPI up to 7% or 4%.
GMP will increase by RPI up to 7% with the Post 88 GMP receiving a minimum increase of Statutory increases.

April 2004 section:
The 04 to 08 pension benefits will increase by RPI up to 5%.
The Post 08 pension benefits will increase by RPI up to 4%.

Flexible Options

If member active in the Open, Closed or SRBS on 5 April 2006, they may qualify for a protected pension at age 50. Otherwise 55.

Death in Deferment

50% of deceased’s pension revalued to date of death Civil Partner – Maximum of Spouses pension. Payable at Trustees discretion.

If spouse more than 10 years younger than deceased, pension payable may be reduced at the trustees discretion by no more than 2.5% for each complete year proportioned for each complete month.

If spouses pensions payable, return of AVC account plus benefits from transfer account may also be payable.

If no spouses pension payable, 2 X return of contributions (no interest) + return of AVC account + return of transfer account.

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: 3.3

Slowest: 15.4

Average: 8.6

Need UTC (UK) Pension Goodrich Section Transfer Advice?

If you are a member of the UTC (UK) Pension Scheme (Goodrich Section) 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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