What happens to my benefits in the Scheme?


Once you have left the Scheme, your benefits will remain in the Scheme until you retire, either at Normal Pension Age (NPA) or from age 55 if it is agreed with the Trustees. If you leave as a result of redundancy or re-organisation, you may be able to receive your Deferred Pension from age 50 with no reduction for early payment.

Your Deferred Pension and cash sum will be calculated in the same way as your benefits would have been calculated at your NPA (if you had remained a contributing member) but based on your Pensionable Salary and Pensionable Service at the date you left the Scheme. Any service credits from a transfer into the Scheme and any Added Years will be included. The Scheme will increase your Deferred Pension each year until it comes into payment. Under current law increases are in line with the Retail Prices Index up to a maximum of 5% a year.

Alternatively, you can transfer the cash value of your Deferred Pension to another pension arrangement. You can find out more here.