If you leave the Company before you reach retirement, your membership of the Scheme will cease. You can also choose to cease your membership of the Scheme whilst you are still an employee of the Company by ‘opting out’. On leaving the Scheme you will have deferred benefits.

Deferred pension
The deferred pension will be based on both your Pensionable Service and your Final Pensionable Earnings, on the date at which you leave the Scheme. You will also have the option at retirement to exchange part of your pension for a tax-free cash sum and to provide an additional pension for a nominated dependant or spouse.

Early payment of deferred pension
If you have retired from all paid employment and if the Trustees agree, your deferred pension can be paid before your Normal Retirement Date. Consent will not be given if you are under age 55 due to HMRC rules. Your pension will be reduced to take account of it being paid early by a factor determined by the Trustees acting on the advice of the Actuary. However, the Trustees have the discretion to apply more favourable terms if you are suffering from Incapacity. You may apply for payment of your deferred pension on the grounds of Incapacity at any time.

Late payment of deferred pension
If the Trustees agree, you may be able to elect to receive your pension starting later than your Normal Retirement Date but not later than the fifth anniversary of the date on which you reached Normal Retirement Date. Your pension will increase between Normal Retirement Date and the date that you actually retire by a factor determined by the Trustees acting on the advice of the Actuary.

As an alternative to leaving your deferred benefits in the Scheme, you may choose to take a transfer payment to either your new employer’s scheme or to another pension arrangement. This can be requested at any time up to a year before your Normal Retirement Date and will be the cash equivalent of your benefits (including death benefits but excluding any allowances for discretionary benefits).

Transferring-out
Having left service you may request the Trustees to provide you with a statement of entitlement of your cash equivalent. You should receive this statement within three months of your written request. The amount on the statement will be guaranteed for three months.