You will have the option of either leaving your benefits in the Plan until retirement or, at any time in the future, transferring the value of your benefits to another registered pension arrangement.
As a member of the MP03 Section, your Pension Pot will remain invested in the Plan until you retire. In addition, you can transfer your Pension Pot to another registered pension arrangement. If you decide to transfer, we will pay the full value of your Pension Pot to your chosen pension arrangement.
You may receive your pension at any time from age 55, provided Pearson agrees. Also, if you are a member of the MP03 Section, your Pension Pot has to be above a minimum value because that section was contracted-out of the State Second Pension up to 5 April 2016. Details of your pension on retirement can be provided on request.
The pensions team will write to you at your home address after you have left, providing you with a personal statement setting out your pension options and the relevant figures to enable you to make your decision.