What happens if you leave?

If you leave service, no further contributions are payable into the Scheme. 

When you leave service, contributions for future pension benefits cease from both you and the Company. You will become a deferred member of the Scheme and your pension will remain in the Scheme waiting for you until you either draw your benefits or transfer them out to another pension arrangement. For more information, see the Leaving the Company - what to expect guide below.

Draw your benefits

If you are aged 55 or over, you can decide to draw your benefits. If you draw your benefits before the Scheme’s normal retirement age (65), it may be adjusted to account for the fact that it is likely to be paid for longer.

Transfer out

If you don’t wish to draw your benefits from the Scheme (or you’re under age 55), you might want to consider a transfer to another pension arrangement. Please remember that the Scheme pension is a valuable benefit and if you wish to transfer to a defined contribution arrangement and your transfer value is more than £30,000, you will need to take independent financial advice.