Deferred member mailing February 2017 - FAQs

We appreciate that our recent mailing may generate some questions, we have therefore answered as many of these as possible here.

What does CETV mean?

CETV stands for Cash Equivalent Transfer Value, this is the value that would be transferred to another approved pension arrangement if you chose to transfer. The value is calculated by taking your deferred pension and converting this into a cash value using factors that reflect your age and current market conditions.

How do I find a Financial Advisor?

You can find an approved advisor local to you on the website

It is important to make sure that your advisor is approved by the Financial Conduct Authority so that you know that they have the right qualifications to advise you on transferring your benefits from the Scheme.

My address is incorrect, how do I change it?

The easiest way to update your address is to call the team on 0800 090 2267. They can take your new address over the phone and update your record straight away.

Alternatively, we can accept a signed instruction from you, this can be scanned and emailed to the team or sent to our postal address:

Associated British Foods Pension Scheme
50-51 Russell Square


Do I need to take any action on this letter?

No, we have sent the letter for information only to help members with their retirement planning. Many deferred members have contacted the Scheme to enquire about the new pension flexibilities, these are not available through the Scheme but you can transfer your benefits to a suitable DC arrangement to take advantage of the flexibilities if you wish.

What is GMP?

GMP stands for Guaranteed Minimum Pension. This is the part of your pension that accrued as the Scheme contracted out of the State Second Pension (SERPS) whilst you were a member. The GMP part of your pension must be increased at levels specified by the State and they can therefore be a valuable part of your pension.

If you transfer the benefits out of the Scheme to a DC arrangement, the benefits will be provided on a different basis and you will therefore need to be aware that the benefits offered in your new arrangement may not provide you with the same level of benefits.

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