News for deferred members
Discover the latest news that matters for deferred members of the Fund.
Our online estimator
Our popular online estimator tool at www.rolls-roycepensions.com continues to provide quotations of your benefits at any date into the future, helping you to plan for your retirement.
You can get quotes for either early, normal or late retirement options. And as there’s no limit on how many quotes you can get online, it’s worth putting time aside to try different dates and consider all of your options.
When you’re seriously considering taking your benefits, you can request a formal quotation, which locks in your figures and allows you to take the optional retirement advice before selecting your preferred options.
If you’re an employed deferred member, you can request a formal quotation up to seven months in advance of the date you intend to leave employment with Rolls-Royce. And if you’re not intending to leave or are a deferred member who left Rolls-Royce a while ago, you can request yours up to two months in advance.
Once you’ve made your decision, everything is dealt with online, including age and identity checks.
Watch our overview video to find out more about how the estimator works. And go to the Get an Estimate page of the website to get started.
If you’ve registered before but have forgotten your pension number or password, just head to the login screen and follow the instructions to recover your account. And if you’ve not registered yet, take a look at our guide that shows you how to do it.
Retirement advice from WPS Advisory
Your retirement from the Fund is a one-off event, and it’s definitely something you should take your time over to make the right choice. After all, that choice has got to be suitable for the rest of your life.
Retirement advice is not just about transferring. It’s a conversation with your adviser about what your goals are in retirement and finding the best way of delivering them.
When it comes to big financial decisions like getting a mortgage, or even day-to-day ones like managing a household budget, many of us look for help from professionals to make the right choices.
That’s why the Trustee recommends you take independent retirement advice before deciding on your options. To help with this, they’ve appointed a leading advice firm, WPS Advisory, to help you navigate your way to a better retirement.
All members can register for this service online when requesting a formal quote at www.rolls-roycepensions.com
WPS Advisory’s retirement advice service is available to all Fund members. In some cases, this is completely or partly funded by Rolls-Royce and the Trustee – and where it’s not, their rates are heavily discounted. The Retirement Planning & Financial Advice page in your member account at www.rolls-roycepensions.com has more information and you’ll be reminded that you can register for the service when you request your formal retirement quote online.
If you decide to use your own financial adviser, make sure you know what their charges are for Defined Benefit pension advice and what service you’re being offered.
You can find out more about how WPS Advisory’s retirement advice works by visiting their website.
Pay your pension some attention
Collectively, £26.6bn* is currently sat in lost pensions across the UK. That’s why the pensions industry has launched the Pension Attention campaign, encouraging you to hunt down everything you’ve got saved up for retirement.
We’ve done our bit by writing to all of our deferred members who no longer work at Rolls-Royce, reminding them about their benefits and explaining how to see them on our member website.
If you didn’t see our letter and would like to know more about how to pay your pension some attention, please get in touch with the pensions team.
*Pensions Policy Institute October 2022
Transfer scams
Anyone can be the victim of a pension scam, no matter how financially switched on they are. Make sure you’re not tricked into handing over your retirement savings to the scammers.
These are the four steps you can take to protect yourself from pension scams.
REJECT UNEXPECTED OFFERS
Cold calling about pensions is against the law, so out of the blue calls, texts or emails are likely to be scams. It’s best to ignore them and report spam texts and calls to the Information Commissioner’s Office.
CHECK WHO YOU’RE DEALING WITH
The Financial Services Register will tell you if the person you’re dealing with is regulated by the Financial Conduct Authority (FCA) and has the permission to provide the type of advice they’re offering. Call the FCA’s helpline on 0800 111 6768 if you need help with checking the Register.
GET IMPARTIAL INFORMATION OR ADVICE
Check out the MoneyHelper website for help with spotting pension scams. Log in to your account at www.rolls-roycepensions.com to find sources of help on our Retirement Planning & Financial Advice page. And read about the retirement advice service from WPS Advisory in this newsletter.
DON’T BE RUSHED OR PRESSURED
Scammers will often try to rush you into making a decision. They might say that you’ll miss out on something if you don’t act now. Always take your time, and don’t be afraid to ask for help if you feel a situation is getting out of your control.
Above all, if you’ve started to move your pension and become concerned about anything, contact us immediately for help.