The questions & answers (Q&As) below are intended for our policyholders who are not yet receiving their Rothesay pension.
If you have a question that is not answered by the Q&As provided, please contact us.
Questions & answers
Your options are based on the rules of your previous arrangement.
As an alternative to taking your DB benefits directly from Rothesay, you can request a transfer of the value your pension benefits (your 'transfer value') to another pension arrangement. This may give you access to additional options.
For more details please click on the link below.
If you are not receiving your pension yet, you will usually have the option to take a reduced pension for a one-off lump sum. Please click the link below for more information.
Taking some of your benefits as a lump sum
No, in accordance with DB pensions legislation you will need to start receiving your regular pension payments once you take a lump sum from your Rothesay policy.
Please click the link below for more information.
Since the government brought in Pensions Freedom and Choice legislation in April 2015, individuals in a DC pension arrangement have more choice over how they take their pension benefits. You cannot access this flexibility directly from your Rothesay policy.
For more information, please read our guide by clicking on the link below.
The value of your pension benefits, known as your 'transfer value', may change but your benefits do not.
Transfer values vary with market conditions, but it is important to understand that the pension benefits available from your Rothesay policy are unchanged.
Please click on the link below for more information.
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.
Rothesay does not pay pension contributions towards policyholders' pension benefits.