Flexibility and advice before you retire

The Trustees are pleased to announce that they have appointed an independent financial adviser, Origen Financial Services Limited (Origen), to help you understand your retirement options, and to recommend the best course of action for you to take given your personal circumstances. Origen's Member advice journey video (below), explains how they will work with you.

Member advice journey

The Trustees have also been considering the retirement options for members as a whole, and have made some changes to allow for more flexibility. This not only includes the financial advice offered by Origen, but also the ability to take a partial transfer.

You’ll find some information in the questions below, and also in our Flexibility and advice before you retire booklet.

Independent and impartial financial advice

Navigating your way around pensions, understanding your options and deciding on the best decision for you can be difficult.

Origen are professional financial advisers who specialise in offering pensions advice to members who are approaching retirement and are considering their options. You can find out more about Origen and how they would work with you in the video above.

They are independent of the Electrolux Group Pension Scheme.

More detailed information can be found in the Flexibility and advice before you retire booklet.

If your benefits in the Scheme are worth more than £10,000, you are eligible to receive advice from Origen, and your first round of advice will be paid for by the Scheme. If, after receiving advice, you decide to keep all your benefits within the Scheme, you may still use Origen’s services at a later date, although you will need to pay for this advice yourself, albeit at a competitive rate that the Trustees have negotiated.

More detailed information can be found in the Flexibility and advice before you retire booklet.

You have a number of options for taking your benefits, which you can find out more about in your Retirement options video, and we would recommend that you take independent financial advice whenever you are thinking of making a big decision about your pension. Advice can help you to understand all the options available and make an informed decision about what might be right for you. 

If the transfer value of your retirement benefits built up in the Electrolux Group Pension Scheme is £30,000 or more and you are thinking of transferring these benefits, you must obtain appropriate independent financial advice. The Trustees are legally required to check you have received such advice before a transfer can take place.

More detailed information can be found in the Flexibility and advice before you retire booklet.

Partial transfers

Unlike a full pension transfer, where all your retirement benefits in a Defined Benefit (DB) scheme (e.g. the Electrolux Group Pension Scheme) would be moved into another pension arrangement; a partial transfer allows you to transfer part of the value of your DB benefits into a Defined Contribution (DC) scheme. The remainder would be left in a DB scheme in order to provide you with a guaranteed income (a pension) at retirement. By transferring to another (DC) arrangement, you potentially have access to pension freedoms that came into effect in 2015.

In short, a partial transfer allows you to access flexibility, whilst keeping some security in the Electrolux Group Pension Scheme.

More detailed information can be found in the Flexibility and advice before you retire booklet.

It is important to note that if you wish to take a partial transfer, you must receive independent financial advice beforehand.

If you have not yet taken a pension and your retirement benefits are worth at least £100,000, you may be eligible to take a partial transfer.

A minimum of a quarter of your retirement benefits must be transferred, but the value of your benefits left in the Electrolux Group Pension Scheme must be at least £50,000.

More detailed information can be found in the Flexibility and advice before you retire booklet. 

It is important to note that if you wish to take a partial transfer, you must receive independent financial advice beforehand.

 

Where else can I find help?

MoneyHelper is a free government service merging the Money Advice Service, the Pensions Advisory Service and Pension Wise. MoneyHelper is here to make your money and pension choices clearer, cut through the complexity and explain what you need to do and how you can do it.

XPS Administration are also here to help if you have any questions about your pension with Electrolux.

You can check your State Pension Age on the government website. If you’re approaching retirement you might also want to check your State Pension forecast.

If you think you might have a pension with a previous employer, or a personal pension you’ve lost track of, you can use the Pension Tracing Service to help find it.

It can be difficult to work out how much you might need to save to have the retirement you really want, but the Pensions and Lifetime Savings Association (PLSA) have put together some Retirement Living Standards to help. The standards show you what life in retirement looks like at three different levels, and what a range of common goods and services would cost for each level.

Pension scams are a big risk for all retirement savers, with criminals targeting people of all ages with promises of high return investments and easy access to your pension. It’s important to be vigilant and ignore anyone that contacts you out of the blue about your pension. You can find more information on this from the Financial Conduct Authority’s ScamSmart page.