20 May 2026
If you have benefits in the DB Section of the Roche Pension Fund, the amount of pension you receive is based on a formula which took into account the number of years you paid into the Fund and your salary when you left (or when the Fund closed to future accrual in 2023, if later).
If you want to transfer your pension to another approved arrangement, WTW will provide you with a Cash Equivalent Transfer Value (commonly known as a CETV or just ‘transfer value’). The transfer value is the current value of your pension entitlement, and it’s worked out by taking long-term interest rates (gilt yields) into account, as well as a number of other factors. The following example shows how interest rates affect transfer values.
Example
If you expect to receive a pension worth £100 in a year’s time, and the interest rate is 5%, the Fund only needs to hold £95.24 today. That’s because the principal amount will grow to £100 in a year (£95.24 x 1.05 = £100). However, if the interest rate is 10%, the Fund would only need to hold £90.91 (£90.91 x 1.1 = £100).
As you can see, when long-term interest rates rise, the transfer value will generally reduce – and when interest rates fall, transfer values generally rise. However, your pension entitlement from the Fund won’t change.
Please note: if you’re considering a transfer, you should seek independent financial advice. If you have a defined benefit pension valued at more than £30,000, it’s a legal requirement that you seek such advice. Remember, if you’re a UK resident, not yet in receipt of your pension and aged 55 or over, the Company has paid for Origen to provide you with one session of impartial financial advice. Find out more here.