Information for financial advisers
Our financial advisers page provides background information and a Q&A which, together with a copy of the policyholder's transfer pack, should provide an adviser with all the information that they need to advise their client regarding a transfer of the value of the pension benefits from a Rothesay policy to another pension arrangement.
Please note, we do not complete questionnaires or answer specific questions.
Q&A for our policyholders
If you have a question that is not answered below please contact us.
If you do not have our contact details to hand, please use our Contact page.
- How can I protect myself from scammers?
Please see our 'Avoiding scams' page for lots of guidance and information which will help you protect yourself from scammers.
- How will my pension increase each year?
Please click on the link below for information about annual pension increases to pensions in payment.
- Why has my transfer value changed?
A transfer value is the current value of the pension benefits payable under your policy.
Our transfer values are calculated using market conditions at the time of the calculation. Market conditions affect transfer values, for example they affect the pension increases we expect to pay, which in turn affects the value of the policy.
Our transfer values are also calculated based on our assumptions for life expectancy. We usually review our life expectancy assumptions annually at the end of each calendar year but may do more regularly if deemed appropriate. These assumptions are used for our financial reporting and are subject to external scrutiny.
As the underlying assumptions for the calculation can change so too can the transfer value associated with a policy. All transfer values have a 6 month guarantee period from the date of calculation. Policyholders do not need to take the transfer value quoted and they can request further transfer value quotes but no more often than one every 12 months. Policyholders can also choose to receive their pension benefits directly from Rothesay.
Please click on the link below for more information.
- How do I make a complaint?
For details of our complaint process and how to contact the Financial Ombudsman Service, please click on the link below.
- What formats do you provide information in?
If you would like to receive information from us in non-standard formats, please get in contact and we will see what we can do to help you. For example, we should be able to supply any written communication in large print, Braille or audio.
If you do not have our contact details to hand, please use our Contact page
- How do I access my policy online?
We are currently in the process of rolling out our online service to our policyholders. If you have received a letter about this you will have been provided with details enabling you to register and/or log in. If you have misplaced your details, please contact us.
If you want to check that our online service has been rolled out to you and others from your previous scheme/insurer, please use the search function at the top of our Contact page
- Can I get a summary of my pension benefits?
Yes, please contact us to request details of your benefits. If you do not have our contact details to hand, please use our Contact page.
- Why is my pension now with Rothesay?
We do not sell pensions direct to individuals. You will have built up your pension in a company pension scheme or with another insurer. You would have then become our policyholder as a result of either a:
- Buy-out: The trustees of your previous pension scheme transferring responsibility for your pension benefits to us.
- Part VII transfer: Your previous insurer transferred your policy us following a legal process known as a “Part VII transfer”.
- Will my policy include the AVCs I paid into my previous scheme?
If you paid Additional Voluntary Contributions (AVCs) into your previous scheme, they may have been transferred to us. If they were transferred with your other benefits from your previous scheme, they will be used to provide you with additional pension benefits under your policy.
We send annual AVC statements to our policyholders who have have AVCs as part of their policies.
- Do I have to pay any charges connected to my policy?
Although you may have made contributions to your pension in the past, there are no contributions, charges or fees to pay on your policy.
- What happens to my policy when I die?
In the event of your death, your spouse, civil partner or dependent children may be eligible for dependant's pensions. A lump sum may also be payable.
Please make sure we have an up-to-date Expression of Wish to help guide us on who should receive any lump sum payable on your death.
You can update your Expression of Wish using our online service or by completing a paper form. You can download a new paper form by clicking on the link below or contact us to request a new form.
- When do I need to make an Expression of Wish?
You can complete an Expression of Wish declaration at any time by using our online service or a paper form. If you have not yet made an Expression of Wish declaration we recommend that you do so as soon as possible.
You should also consider completing a new Expression of Wish (to update your death benefit nomination(s)) whenever your personal circumstances change.
If you submit more than one Expression of Wish, we will only take the latest we have received into account in the event of your death.
You can contact us to request a new form or download one here:
- What happens if I die before I submit an Expression of Wish?
The fact that you have not submitted an Expression of Wish declaration will not prevent us from paying any lump sum death benefits in accordance with the terms of your policy, but we will have no way of taking your wishes into account when deciding who will receive the payment.
- How many people can I nominate in my Expression of Wish?
You can nominate as many people as you wish.
If you nominate more than one person please specify (as a percentage) the proportion of the lump sum death benefit that you would like each individual to receive. The total proportions must equal 100%.
If you would like your benefits to be paid to an individual upon your death please provide their full name including their surname, all forenames and their title (e.g. "Mrs Mary Jane Smith").
If you would like your benefits to be paid to your estate upon your death, please write “To My Estate”.