It’s good practice to take independent financial advice when accessing your pension benefits and in the case of most transfers out of the scheme, it’s a legal requirement.

The Trustee has arranged to make advice available at a preferential rate via WPS Advisory, who act as Independent Financial Advisers to RRUKPF members. You can contact WPS Advisory on the dedicated Rolls-Royce helpline to discuss your retirement options – charges only apply if you decide to proceed and take their advice service.

The cost of the advice that we have negotiated with WPS Advisory is currently £875 plus VAT. This includes providing a written personal advice report and (if this is the agreed recommendation) implementing a transfer out of the Fund to establish your benefits in an arrangement to suit your personal circumstances, such as an annuity or drawdown arrangement. If your requirements are more complex, they will discuss any additional charges that might apply for receiving advice before you proceed any further.

An adviser representing WPS Advisory will be able to answer any questions you have about your retirement options on 0808 197 0356 (or +44 (0)203 538 9087 if calling from overseas). You will need to provide a copy of this quote to WPS Advisory as we do not send them this information directly.

Further information about WPS Advisory can be found on their website at www.ukwps.com

Of course, you can choose to use your own financial adviser if preferred, but please do be careful when doing so. Rogue advisory firms are aware that our pension scheme members have excellent benefits and they will seek to take advantage of this.

We're aware of financial advisers with websites trying to create an impression that they have an association with Rolls-Royce. More worryingly, we're also hearing that members are receiving bogus calls claiming to be from the Rolls-Royce pensions team about discussing a possible transfer out.

You can read the detailed announcement from the Trustee, including details of financial advisers who have already been reported to the Pensions Regulator and Financial Conduct Authority, by clicking here.

You can also watch the TV advert from the Financial Conduct Authority below:

Please take every precaution when transferring your benefits away from the scheme. To make sure you're getting the right advice, please use the services provided by WPS Advisory, as they are recommended by both the Trustee and the Company.

If you do decide to transfer your benefits, we'll need you to compete an online form so that we know you've had the right advice and have been made aware of the risks of falling foul of a pension scam. You can find out more and access the pre-transfer information form by clicking here.