Whether you’re close to retirement or keen to plan for it, it’s really helpful to understand the benefits and options you have in the Scheme. The content on this page helps you with this.
To be sure what your specific benefits are, you can request a benefit statement at any age or a retirement pack from age 55 by contacting the Scheme administrator. If you are still employed by Safran, you can view your company benefits via the portal linked below.
Your Scheme benefits include a few options to choose from.
Each option has an impact on your income in retirement, so it’s important to have a good think about what’s right for you.
The amount you receive is based on how long you were an active member of the Scheme and your pensionable earnings.
You can currently take up to 25% of your pension value as a tax-free lump sum when you retire.
If you take a cash lump sum, the amount of your guaranteed pension will be reduced.
Read the Cash lump sum guide
This option is available if you retire before your State Pension age.
You can choose to receive a temporary additional pension
from the Scheme when you first retire. It will stop when you start to receive your State Pension.
If you choose this option, your Scheme pension will be slightly lower but
your total retirement income from the Scheme and the State remains broadly comparable before and after State Pension age.
Read the Income levelling option guide
You can choose to transfer out of the Scheme to gain extra flexibility in how you use your benefits
(you may need to take independent financial advice to do this).
Read the transfer out guide
Call 0808 145 4266 or email aircelle@ukwps.com to make use of 2 free financial advice calls with WPS Advisory.
If you die before retiring, the Scheme will pay a pension to your spouse or civil partner equal to 50% of the pension calculated assuming you had retired the day before your death. The spouse pension payable may be subject to certain restrictions and status. If no qualifying spouse or civil partner is applicable, then the Trustees may permit a similar pension to be paid to a proven financial or child dependant. Please note for reference that there is no lump sum death benefit payable under the Scheme.
If you’re considering leaving the Scheme by transferring to another pension arrangement, please get advice from a financial adviser (you must do so if your benefits are worth over £30,000). You can contact WPS Advisory, appointed by the Trustee, or find an adviser in your local area using MoneyHelper’s Retirement Adviser Directory.
Choosing how to take your retirement benefits is a complex decision. If you haven’t retired yet, we encourage you to understand all your options and take appropriate financial advice. To help you, the Trustee has arranged for you to be able to speak to an independent financial adviser from WPS Advisory (WPSA).
WPSA will help you to understand your options and make a retirement plan based on your personal circumstances and goals. The advice from WPSA is available at no cost to you. Members of the Scheme who have not yet retired are entitled to free advice from WPSA up to two times. Find out more on their website www.wpsadvisory.com
For more information, contact WPSA on Aircelle@ukwps.com or 0808 145 4266.
You can request a retirement quotation from age 55 by contacting the Scheme administrator. This is the earliest age you can draw benefits from the Scheme as either a full pension or, if you choose, up to 25% of the value as a cash sum with a smaller pension.
If you want to transfer your benefits out of the Scheme, you will need to contact the Scheme administrator to request a transfer value and the relevant forms for you to complete and return.
If your transfer value is greater than £30,000 you must take advice from a Financial Conduct Authority (FCA) authorised financial adviser (who is authorised to advise on pension transfers).
To help you with your retirement options, you can get free impartial advice from WPS Advisory up to two times. You can call 0808 145 4266 or email Aircelle@ukwps.com. You will have the opportunity to discuss your circumstances, explain your options in more detail and get advice on the choices available to you.
The Trustees strongly recommend you use this advice to fully understand your options.
It’s important to tell us if you’ve moved house, got married or your bank details have changed. It helps us make sure we can pay your benefits promptly. Please complete these forms and return them to the Scheme administrator.
The simplest way to report a death is by contacting the Scheme administrator, providing the Scheme name, the full name of the person who has passed away, their address including the postcode and either their date of birth or National Insurance number.
The Scheme administrator may need you to complete a death benefit questionnaire and share the following documents:
They will let you know separately if they need to see any other documents.
