Q&A for financial advisers

Our financial adviser information sheet answers the most commonly asked questions we receive from financial advisers in relation to potential transfers to another pension arrangement.

Please note, we do not complete questionnaires or answer specific questions as we feel this document, together with the transfer pack provided with the quotation, provides sufficient information for an adviser to run a complete transfer analysis.

Click here for the information sheet

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?

If anyone contacts you out of the blue about your pension, there is a high chance that it is a scam - do not give them your details.

To learn how to protect yourself from pension scams visit the Financial Conduct Authority’s website.

fca.org.uk/scamsmart

You may also find Age UK’s ‘Avoiding scams’ leaflet helpful.

Avoiding scams - smart ways to protect yourself

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 3 month guarantee period from the date of calculation. We cannot provide any protection against fluctuations (either up or down) beyond that 3-month period. 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.

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.

Making a complaint

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’ll 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 main scheme benefits, they will be used to provide you with pension benefits under your policy.

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 form to help guide us on who should receive any lump sum payable on your death.

You can contact us to request a new form or download one here:

Expression of Wish form

When do I need to complete an Expression of Wish form?

You can complete an Expression of Wish form at any time. If you have not yet completed a form we recommend that you complete a form as soon as possible.

You should also consider completing a new Expression of Wish form (to update your death benefit nomination(s)) whenever your personal circumstances change.

If you submit more than one Expression of Wish form, 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:

Expression of Wish form

What happens if I die before I submit an Expression of Wish form?

The fact that you have not completed an Expression of Wish form 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 on my Expression of Wish form?

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”.