Pharmaceutical Pension Transfer

The main pharmaceutical firms in the UK, such as:

·     AstraZeneca(Previously ICI)

·     GlaxoSmithKline Plc(GSK)

Before the year 2000, Pharmaceutical workers at the above firms were rewarded with defined-benefit pensions for their hard work, which gives them a guaranteed income in retirement based on the length of service, final/average salary and some other discretionary factors.  

In addition to the above benefits, these pensions have fantastic death in service benefits, which will assist spouses if a member dies before claiming their pension.

Why would you move such a fantastic pension?

Financial Advisor or Third Party promised much higher returns

You were told as you are no longer working for the pharmaceutical company that your pension is frozen and not performing

You were told incorrectly that the fees are high in the AstraZeneca or GSK Pension

You wanted more flexibility and the ability to invest in different funds.

You moved your AstraZeneca or GSK Pension 

Financial Advisors charged a substantial fee to transfer your Pension

Your new pension provider is charging substantial fees

You have lost the death in service benefits

Most pharmaceutical workers do not realise how valuable their defined-benefit pension is and are often approached to move their pension to release tax-free cash and to increase performance. Once the pension is moved all the benefits attached to the Pension are lost, leaving members substantially worse off. 

If you moved your Pharmaceutical defined-benefit pension, we would recommend that you speak to one of our claim specialists for a free no-obligation assessment on 0800 061 4585.

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