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.

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.

 

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.

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 you are eligible to receive advice from Origen, 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.

Approaching retirement, you may wish to consider your options regarding pension transfers.

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 is an option that enables 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.

However, a minimum of a quarter of your retirement benefits must be transferred, but the value of your accrued 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.