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You're viewing content for deferred members of the RS Plan

(This means you have opted out of the RS Plan, or left the Company)

CHANGE SCHEME

Your options

Your Account

Although you have stopped working for BOC, or have opted out of the RS Plan, you still have important decisions to make about your Account. In this section you can find out more about leaving your savings invested, transferring out, and your options at retirement.

You have two options when it comes to managing the savings you have built up. You can either:

  • Leave your savings invested, which means you’ll remain a ‘deferred’ member, or
  • Transfer your savings elsewhere.

Leave your savings invested

You can leave your Account invested even if you have left the Company or opted out of the RS Plan. How your Account is invested can make a difference to the amount of money you have when you stop working, so it’s important to consider your options.

The benefits

  • You might not want to put ‘all of your eggs in one basket’ by moving all of your savings into one arrangement.
  • You might have more investment choices.
  • If you have savings in more than one scheme you could have more options about when you would like to access your savings. For example, you could choose a different retirement age in each scheme.

Managing your investments

You have two investment options in the RS Plan - BOC Lifestyle and BOC FreeChoice:

BOC Lifestyle BOC FreeChoice:
  • The Investment Manager appointed by the RS Plan Trustee decides which funds to invest in and when to change between them.
  • Your Account is invested according to a set pattern that depends on your Normal Retirement Age (NRA). Your NRA is 65 unless you choose a different Target Retirement Age.
  • You choose which funds to invest in and when to change between them.
  • You are responsible for the investment strategy you use.
  • You can also include BOC Lifestyle funds in your BOC FreeChoice selection.
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For a simple breakdown of the options available to you, take a look at Your guide to investments. To change your investment choices, complete a Change of investment form (after leaving the RS Plan).

Transferring out

You may decide you want to transfer your savings out of the RS Plan and into another registered pension arrangement.

You should take financial advice before you make a decision like this. You can find a Financial Conduct Authority approved financial adviser on www.unbiased.co.uk

You can transfer your savings to:
  • Your new employer's pension scheme (provided it is willing and able to receive them);
  • A personal pension plan (including stakeholder pensions); or
  • A special insurance arrangement, usually known as a 'buyout' policy.

The benefits

  • You can manage your retirement savings from multiple schemes in the same place.
  • You have fewer employers to keep updated with any changes in circumstance.

If you’re interested in transferring your savings out of RS Plan, you can find out the transfer value of your Account by contacting BOC Pension Services. The transfer value of your Account is the amount of money it is worth at a given time. Your transfer value will fluctuate in line with the value of your Account’s investments and is not guaranteed. It represents the value of your Account on the date of transfer. We won’t charge you if you decide to transfer your Account.

Once you’ve transferred out of the RS Plan, you or your dependant(s) won’t be entitled to any further benefits from the RS Plan.

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To transfer your savings out of the RS Plan, complete a Benefit claim form, and return it to BOC Pension Services.

Options at retirement

If you choose to leave your Account invested in the RS Plan, you will need to decide how to access your savings when you are approaching retirement.

Unless you tell us that you want to access your pension savings any earlier or later, the RS Plan’s Normal Retirement Age (NRA) is 65.

When you decide to access your pension savings, the value of your Account is made up of how much you and the Company have contributed into your Account and how your investments have performed.

Because of these factors, it is impossible to predict exactly how much your Account will be worth when you come to take your benefits.

You can choose to use the value of your Account in one or more of the following ways:

  • Buy an annuity, which gives you a regular income
  • Take your savings as cash
  • Transfer your savings to an external income drawdown arrangement
  • Choose a combination of all three of these options
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For more information about each of these options, and the decisions you need to make when you want to access your retirement savings, visit Approaching retirement.

It’s important to choose the right option to suit your circumstances. The Government has set up a website to provide guidance for those deciding how to take their benefits: www.pensionwise.gov.uk

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