You will leave the Scheme if you leave the service of the Company. Alternatively, you may leave the Scheme by giving four weeks’ notice, in writing, to your employer. If you leave the Scheme other than on retirement, the following choices are open to you:

Less than 2 years’ service
You may have a refund of contributions less deductions or transfer your benefits to another pension arrangement if you have more than 3 months pensionable service.

More than 2 years’ service
You may transfer your benefits to another pension arrangement or defer your benefits in the Scheme until you retire to receive a pension at Normal Retirement Date based on your Pensionable Service and Final Pensionable Salary at the date you leave the Scheme.

Transfers
If you ask to transfer your benefits out of the Scheme the Trustees will ask the Scheme’s Actuary to calculate their value for you. This is done by assessing the present cash value of your benefits, including the value of the increases for each year to retirement, based on current investment conditions. Whilst the Trustees do provide pension increases these are on a discretionary basis and so are not taken into account in calculating transfer values.

Within three months of asking, you will be provided with a statement showing your entitlement. The figure shown in the statement will be guaranteed for three months from the quotation date and, if accepted, will be paid within six months from the quotation date. If you do not take up the option the Trustees are not obliged to provide you with a further statement until twelve months after the last date you asked.

Downloads

To view any pdf files you will need Adobe Acrobat version 5.0 or above installed on your computer. You can download this free plugin by clicking here.

Leaving Service Leaflet

16.05KB

14/04/2008

Download