Please click here to see the current commutation factors at all ages.
Yes, a member can transfer their AVCs and leave their main Scheme benefits in the Scheme. However, if they transfer their main Scheme benefits, they must also transfer their AVCs at the same time, although not necessarily to the same provider.
Information on the increases and how these are applied are included on the Scheme Information Sheet.
A member is entitled to one free transfer quotation in a 12-month period. If they require a further transfer quotation, then there will be charge levied. The charge is currently £300 including VAT, this charge is reviewed on an annual basis and is correct as at November 2016. The charge must be settled before any work commences on the transfer quotation.
Each transfer quotation is guaranteed for a period of 3 months from the date of the calculation. We will only provide a further transfer quotation on payment of the fee and after the end of the guarantee period of the previous transfer quotation. We will not provide a further quotation if the previous value is still within the guarantee period.
Information on the death benefits payable in different circumstances can be found on our website by clicking here.
If there is a lump sum payable, this is paid at the discretion of the Trustees and it is therefore important that all members keep their nomination form up to date. A new form can be downloaded here.
The Summary Funding Statement is available here.
No, if a member wishes to access flexible benefits, then they will need to transfer their benefits out of the Scheme. If their benefits in the DB Section are valued at £30k or more, then they are required to take advice from a registered financial adviser.