Your deferred pension will initially be based on your Total Pension Percentage and Final Basic Salary restricted to the Scheme Cap if appropriate, on the date you leave the Scheme. At your Normal Retirement Date the amount will be compared with the pension derived from your Individual Pension Account and whichever method produces the higher figure will apply.

You will also have the option to exchange part of your pension for a tax free cash sum when you reach retirement.

A Guaranteed Minimum Pension entitlement will be subject to fixed rate revaluation, currently 4.5% per tax year over the period to GMP Age (and if not put into payment then, will be increased further as required by law). The balance of your deferred pension will increase in line with the cost of living up to a maximum of 5% a year compound over your period of deferment. 

You may also be able to take early payment or late payment of your deferred pension under certain circumstances.