What are my benefits?

If you leave the scheme with less than three months’ pensionable service:

We will automatically refund to the bank account used to pay your salary, the contributions you paid to the scheme, less deductions (see note below).

If you leave the scheme with more than three months but less than two years’ pensionable service:

You will be able to choose from one of the following options:

• A refund of the contributions you paid to the scheme, less deductions (see note below), or

• A transfer of the cash value of your pension benefits to another pension arrangement

If you do not complete the transfer within three months, we will automatically refund to the bank account used to pay your salary, the contributions you paid to the scheme, less deductions (see note below).

Note: If you have contributed to the pension scheme for less than two years at your time of leaving, you are entitled to a refund of your own contributions, less tax at 20%. We will also deduct an amount for payment to HM Revenue & Customs in order to re-instate you in the State Second Scheme (S2P) which you were contracted-out of whilst you were a scheme member.

If you leave the scheme with two or more years’ pensionable service:

You can transfer the cash value of your pension benefits to another pension arrangement or you can leave your pension in the scheme until you retire, this is known as a deferred pension. Full details will be mailed to your home address shortly after you leave the company or scheme.

Your deferred pension is worked out using your pensionable service and pensionable salary at leaving, as shown in the scheme guide. Please refer to Your options on leaving for full details about your deferred pension including how it will increase before retirement.