Next steps

This is a big decision which depends on your circumstances. It’s important to have all the information you need to make it.

We recommend that you take advice if you’re thinking about transferring your pension. In fact, if your transfer value (excluding DC benefits/AVCs) is £30,000 or more and you wish to transfer out of the Scheme to a DC arrangement, you have to take advice from an FCA authorised financial adviser in order to do so.

As explained below, the Trustee has arranged for a financial adviser to provide members with paid for independent financial advice about their retirement options, if they wish to take it.

Guidance & Advice

The Trustees recognise that all members have different needs and circumstances and that there is a lot to think about before you can decide whether you want to take one of the retirement options now. Therefore, the Trustees have arranged for an impartial financial adviser called Wren Sterling to help you understand the options in more detail and to provide you with financial advice. You will be able to speak to a fully qualified adviser through their helpline, at no cost to you.

Call 0800 160 1656 between 9:00am and 5:00pm Monday to Friday (excluding bank holidays) or email aliaxis@wrensterling.com

What is financial advice?

By taking financial advice on your retirement options, you’ll receive a specific recommendation on the most suitable option for you, based on your own personal circumstances and financial situation.

This advice must be provided by a person who is appropriately regulated by the Financial Conduct Authority (FCA).  This register shows firms that are regulated to provide advice or pension products.

The Trustees are unable to provide you with advice.  They are not responsible for any advice provided so any concerns or about advice should be addressed to the financial adviser.

How does this differ from guidance?

Guidance is intended to help you understand the different retirement options available to you, to enable you to make a decision.  However, guidance won’t take into account your wider personal situation or provide you with a recommendation.

Why might I want to take financial advice?

While the decision on whether to take financial advice is a personal one, there are some circumstances in particular where taking advice, instead of, or as well as, guidance, may be appropriate.

Examples of such circumstances include:

  • Your transfer value is greater than £30,000 (excluding any Top-up/AVC account) and you are considering transferring to a DC arrangement.  Advice is a legal requirement in this situation
  • You have complex income requirements in retirement
  • You currently live overseas or you are planning to move abroad
  • You have significant other assets outside of your pension arrangement (excluding your own home)
  • You are in serious ill-health (although you should also contact the Trustees to consider options which may be available in this situation)
  • You have complex debts to manage.

Where can I find another financial adviser?

If you prefer, you could obtain advice from your own financial adviser on the options outlined above provided they are authorised and regulated by the Financial Conduct Authority. However, the Company will only pay for you to receive advice from Wren Sterling. You can find another financial adviser by visiting MoneyHelper’s page on choosing a financial adviser.

Who pays for financial advice?

Currently, the option of paid-for advice from Wren Sterling is available to members retiring from the Scheme. However, there is no guarantee that this option will continue to be available in future.

What does my adviser need to know?

To tailor their advice to you, you’ll need to provide your adviser with information on:

  • Your current finances (for example, debts, income, outgoings, savings)
  • Your health and lifestyle
  • Your plans for retirement
  • Your dependants.

MoneyHelper lists some suggested questions to ask your adviser.

Guidance from MoneyHelper and Pension Wise

If you have any defined contribution (DC) savings like AVCs, and are over 50 years old, you can have a free guidance call of up to an hour with a pension specialist from Pension Wise (part of the MoneyHelper services), a service that is provided by the Government. Pension Wise cannot provide you with guidance about the options available for your Defined Benefit Scheme pension.

If you have DC savings, to book your appointment, please call Pension Wise on 0800 138 3944 between 8am to 5pm, Monday to Friday. They will send you an email confirmation of your booking.

 Or you can book an appointment online here.

Further information

MoneyHelper are available to provide information about defined benefit schemes.

There is a lot of information available on their website or you can talk with them by:

  • Calling their helpline on 0800 011 3797 (9am to 5pm, Monday to Friday).
  • Webchat (available 9am to 5pm, Monday to Friday) – visit their website and click/tap on ‘Talk to us live’.

Please note

Guidance does not:

  • Provide you with financial advice or consider your wider financial position, including any other savings
  • Give you a specific recommendation
  • Cover the options you have for any other pension savings you have
  • Implement your chosen option – you are responsible for completing and returning the relevant paperwork to set up your pension benefits
  • Talk through the providers available for the different retirement options.

Made a decision?

If you have taken advice or guidance from Wren Sterling (or your own adviser) and would like to choose from one of the available options please read the instructions below.

 

Receive your pension from the Aliaxis DB Scheme

If you want to receive your pension from the Aliaxis DB Scheme, contact Wren Sterling who will provide you with the relevant forms to complete.

 

Or, transfer your pension away from the Aliaxis DB Scheme

If you want to transfer your pension away from the Aliaxis DB Scheme to access one of the other options, you will need to decide which of the options that you have discussed with Wren Sterling you wish to take. With Wren Sterling, complete the relevant forms and return them. Wren Sterling will then liaise with your chosen provider and with Broadstone to arrange the necessary transfer.

Not ready yet?

No worries, you don’t have to do anything if you do not want to. These options will be available in the future for when you are ready to consider stopping work.