Deferred Pension
Your Core deferred pension will be based on your Final Basic Salary and Pensionable Service on the date you leave Level 100+.
Contributions to your Retirement Account will cease on the date you leave Level 100+, but your account will continue to be subject to investment returns (please remember that investments may go down as well as up).
Your Retirement Account can normally be taken as a tax free lump sum on retirement or will be used to purchase a pension. Your Core deferred pension will increase in line with the cost of living up to a maximum of 5% per year compound over your period of deferment.
| Certificate of Deferred Benefits When you leave Level 100+, you will be given a Certificate of Deferred Benefits and it is important that you keep this safe. It is also very important that you keep the Pensions Service Centre informed of any change of address to ensure that you can be traced when your benefits become due. |
You may also have the option to exchange part of your retirement benefits for a tax free cash sum when you reach retirement.
You may also be able to take early payment or late payment of your deferred pension under certain circumstances.
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