What will I get when I leave?
| Length of qualifying service | Have you taken part in XTRA? | Benefit |
|---|---|---|
| Less than three months | Yes | You will not receive a benefit. This is because the company paid into the scheme on your behalf through XTRA, so there is nothing to be refunded to you. |
| Less than three months | No | We will refund what you paid into the scheme less tax. We will pay the refund into the same bank account used to pay your salary. |
| At least three months but less than two years | Yes | You can transfer the cash value of your benefits to another pension arrangement, within three months of leaving the scheme. Otherwise you will not receive a benefit. This is because the company paid into the scheme on your behalf through XTRA, so there is nothing to be refunded to you. |
| At least three months but less than two years | No | You can transfer the cash value of your benefits to another pension arrangement, within three months of leaving the scheme. Or, we will refund what you paid into the scheme less tax. We will pay the refund into the same bank account used to pay your salary. |
| Two years or more | Yes or no | You can transfer the cash value of your benefits to another pension arrangement at any time before age 64. Or, you can keep your benefits in the scheme until you retire or choose to transfer your benefits to another pension arrangement such as a new company scheme. Your credit account at leaving will be increased in accordance with statutory requirements. You will no longer be able to pay into your AVC account, although the funds you have built up will continue to be invested in the funds that you have chosen. You should remember to review your investments regularly and check that they remain appropriate for you. Benefits built up before April 2011 We will increase your pre-April 2011 pension each year in line with the retail prices index (RPI) up to 5%, during the period up to retirement. |