For deferred members

As a deferred member of the Plan, your benefits are left in the Plan until you retire or choose to transfer them to another registered pension arrangement.

What are my benefits?

This depends on which section of the Plan you belong to. For more detailed information relating to your specific section of the Plan, See Further information. If you don't know which section applies to you, this page will allow you to enter your National Insurance number or send a message to the Pensions Department to find out.

Can I transfer my benefits?

You can transfer your benefits to another registered pension arrangement, such as your new employer's scheme, at any time.

If you are a member of one of the final pay sections of the Plan and you decide to take a transfer, we will pay the cash equivalent of your Plan benefits to your chosen pension arrangement.

If you are a member of one of the money purchase sections of the Plan, we will pay the full value of your Pension Fund to your chosen pension arrangement.

If you are considering a transfer, the attached Information for Financial Advisers provides information about the Plan which will assist your financial adviser.

What happens if I die before I take my benefits?

If you die before retirement while you are a deferred member of the Plan, a pension will normally be payable to your spouse or civil partner, together with a refund of your own contributions. For full details of your death benefits, see Further information.

Remember to keep your Expression of Wish Form up to date and consider whether you need to complete a new form if your personal circumstances change. You can download an Expression of Wish Form or request one from the Pensions Department.

How will my pension be calculated?

If you are a member of one of the final pay sections of the Plan, your pension built up to your date of leaving the Plan is calculated as a fraction of your final pensionable salary for each year of pensionable service. Between your date of leaving and retirement, your pension will increase each year, generally by inflation, up to a maximum of 5% a year. For full details of how your pension increases are calculated, see Further information.

If you are a member of one of the money purchase sections of the Plan your Pension Fund will remain invested in the Plan until you retire, when its closing value will be used to buy a pension (known as an 'annuity') from an insurance company.

Can I take tax-free cash?

Under current legislation, you can exchange part of your pension for a tax-free cash lump sum at retirement.

Can I retire early?

It is possible, with the consent of the Company and the Trustee, to retire from age 55.

What should I do if I change my address?

It is very important that you notify the Pensions Department of any change of address, so that we can keep in contact with you.

For more detailed information relating to your specific section of the Plan, please see Further information